Average labour costs at Euros 15.8 in Cyprus for 2016, marking a 0.6% increase since 2015

In 2016, average labour costs in the whole economy (excluding agriculture and public administration) were estimated to be Euros 15.8 in Cyprus, up from Euros 15.7 in 2015 (0.6% increase in total and 17.0% in the non wage cost of the labour hour).

More specifically the hourly cost in the Business economy was Euros 15.7, in the industry Euros 14.4, in the construction sector Euros 14.0, in the services sector Euros 16.3 and in the mainly non-business economy (excluding the public administration) it was Euros 17.3.

Meanwhile labour costs stood at Euros 25.4 in the European Union (EU) and Euros 29.8 in the euro area. The lowest hourly labour costs recorded in Bulgaria (Euros 4.4), Romania (Euros 5.5), Lithuania (Euros 7.3), Latvia (Euros 7.5), Hungary (Euros 8.3) and Poland (Euros 8.6), and the highest in Denmark (Euros 42.0), Belgium (Euros 39.2), Sweden (Euros 38.0), Luxembourg (Euros 36.6) and France (Euros 35.6).

In industry, labour costs per hour were Euros 26.6 in the EU and Euros 32.6 in the euro area, in services Euros 25.8 and Euros 28.7 respectively and in construction Euros 23.3 and Euros 26.1. In the mainly non-business economy (excluding public administration), labour costs per hour were Euros 26.6 in the EU and Euros 29.7 in the euro area in 2016.

The share of non-wage costs in the whole economy was 23.9% in the EU and 26.0% in the euro area, ranging from 6.6% in Malta to 33.2% in France.

Between 2015 and 2016, hourly labour costs in the whole economy expressed in Euros rose by 1.6% in the EU and by 1.4% in the euro area.

Within the euro area, the largest increases were recorded in the Baltic Member States: Lithuania (+7.5%), Latvia (+6.4%) and Estonia (+5.6%). The only decrease was observed in Italy (-0.8%), while hourly labour costs remained nearly stable in Malta (+0.0%), the Netherlands (+0.1%) and Belgium (+0.2%). For Member States outside the euro area in 2016, and expressed in national currency, the largest rises in hourly labour costs in the whole economy were registered in Romania (+12.7%) and Bulgaria (+7.8%), and the smallest increases in the United Kingdom (+1.5%) and Denmark (+1.9%).

Source: Cyprus News Agency