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November 14, 2019

Labor costs in European Union grew by 1.7% in Q4 2016

Labor costs in European UnionThe hourly labor costs in Bulgaria have increased by 8.0% in the fourth quarter of 2016, compared to the same period of the previous year, bringing the country ranks 4th among members of the European Union (EU) with the strongest increases, according to the latest Eurostat data.

The largest growth was recorded in Romania (12.3%), Lithuania (10.7%) and Latvia (8.1%). Serious elevations were observed also in Hungary (6.3%) and Slovenia (5.8%). At the same time decreased in Greece (-0.5%) and Austria (-0.1%) and in Italy costs remain unchanged compared to the same period of the previous year.

The hourly labor costs rose by 1.6% in Eurozone and by 1.7% in the EU aim in the fourth quarter of 2016 on an annual basis. The growth rate has picked up slightly in the Eurozone compared to the third quarter, when it was 1.4%, but at the expense of the EU as a whole slowed slightly from 1.8%.

The two main components of labor costs are wages and other costs beyond salary (benefits, hospital, insurance).

In the 28 EU countries in the last quarter of last year remuneration hour worked grew by 1.8% and other expenses by 1.5%. Total labor costs have risen 1.7% in industry, 3.1% in construction and 1.6% in services.

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