Annual growth in labour costs at 1.6% in euro area

Annual growth in labour costs at 1.6% in euro area

Annual growth in labour costs at 1.6% in euro area

The FINANCIAL -- Hourly labour costs rose by 1.6% in the euro area (EA19) and by 1.7% in the EU28 in the fourth quarter of 2016, compared with the same quarter of the previous year.

In the third quarter of 2016, hourly labour costs increased by 1.4% and 1.8% respectively. These figures are published by Eurostat, the statistical office of the European Union.

The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 1.6% and the non-wage component by 1.5%, in the fourth quarter of 2016 compared with the same quarter of the previous year. In the third quarter of 2016, the annual changes were +1.5% and +1.0% respectively. In the EU28, hourly wages & salaries rose by 1.8% and the non-wage component by 1.5% in the fourth quarter of 2016. In the third quarter of 2016, annual changes were +1.9% and +1.4% respectively.

Breakdown by economic activity

In the fourth quarter of 2016 compared with the same quarter of the previous year, hourly labour costs in the euro area rose by 1.8% in industry, by 2.3% in construction, by 1.5% in services and by 1.5% in the (mainly) non- business economy. In the EU28, labour costs per hour grew by 1.7% in industry, by 3.1% in construction, by 1.6% in services and by 1.8% in the (mainly) non-business economy.

Member States

In the fourth quarter of 2016, the highest annual increases in hourly labour costs for the whole economy were registered in Romania (+12.3%), Lithuania (+10.7%), Latvia (+8.1%) and Bulgaria (+8.0%). Decreases were recorded in Greece (-0.5%) and Austria (-0.1%).

 


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