Hourly labour cost rises by 2.2% in the euroarea and by 2.8% in Cyprus

In 2018, average hourly labour costs in the whole economy (excluding agriculture and public administration) were estimated to be Euros 27.4 in the European Union (EU), Euros 30.6 in the euro area, Euros 16.3 in Cyprus (2.8% increase since 2017) and Euros 16.1 in Greece (3.7% increase since 2017).

According to Eurostat, the lowest hourly labour costs were recorded in Bulgaria (Euros 5.4), Romania (Euros 6.9), Lithuania (Euros 9.0), Hungary (Euros 9.2) and Latvia (Euros 9.3), and the highest in Denmark (Euros 43.5), Luxembourg (Euros 40.6), Belgium (Euros 39.7), Sweden (Euros 36.6), the Netherlands (Euros 35.9) and France (Euros 35.8).

Hourly labour costs in industry were Euros 27.4 in the EU and Euros 33.2 in the euro area. In services, they were Euros 27.0 and Euros 29.6, respectively. In construction, hourly labour costs were Euros 25.0 in the EU and Euros 27.6 in the euro area. In the mainly non-business economy (excluding public administration), they were Euros 28.5 and Euros 30.8, respectively. Labour costs consist of wages and salaries and non-wage costs (e.g. employers social contributions). The share of non-wage costs in total labour costs for the whole economy was 23.7% in the EU and 25.6% in the euro area. It ranged from 6.1% in Malta to 32.6% in France.

In Cyprus labour costs were Euros 14.4 in the business economy, Euros 13.3 in the industry, Euros 14.3 in construction, Euros 14.6 in the services and 26.2 in the mainly non business economy excluding the public administration. The non wage part of the total reaches 17.3%.

In Greece labour costs were Euros 16.1 in the business economy, Euros 16.5 in the industry, Euros 10.7 in construction, Euros 16.3 in the services and Euros 16.1 in the mainly non business economy. The non wage costs of the total wage reach 21.9%.

In 2018, compared with previous year, hourly labour costs in the whole economy expressed in Euros rose by 2.7% in the EU and by 2.2% in the euro area. Within the euro area, the largest increases were recorded in Latvia (+12.9%), Lithuania (+10.4%), Estonia and Slovakia (both +6.8%).

Hourly labour costs increased least in Malta (+0.4%), Finland (+1.2%), Spain (+1.3%) and Portugal (+1.4%). When comparing labour cost estimates over time, levels expressed in national currency should be used to eliminate the influence of exchange rate movements.

For Member States outside the euro area in 2018, the largest increases in hourly labour costs in the whole economy, expressed in national currency, were observed in Romania (+13.3%) and Hungary (+9.8%). They increased least in Denmark (+1.9%), Sweden (+2.3%) and the United Kingdom (+3.3%).

Source: Cyprus News Agency

Hourly labour cost rises by 2.2% in the euroarea and by 2.8% in Cyprus

In 2018, average hourly labour costs in the whole economy (excluding agriculture and public administration) were estimated to be Euros 27.4 in the European Union (EU), Euros 30.6 in the euro area, Euros 16.3 in Cyprus (2.8% increase since 2017) and Euros 16.1 in Greece (3.7% increase since 2017).

According to Eurostat, the lowest hourly labour costs were recorded in Bulgaria (Euros 5.4), Romania (Euros 6.9), Lithuania (Euros 9.0), Hungary (Euros 9.2) and Latvia (Euros 9.3), and the highest in Denmark (Euros 43.5), Luxembourg (Euros 40.6), Belgium (Euros 39.7), Sweden (Euros 36.6), the Netherlands (Euros 35.9) and France (Euros 35.8).

Hourly labour costs in industry were Euros 27.4 in the EU and Euros 33.2 in the euro area. In services, they were Euros 27.0 and Euros 29.6, respectively. In construction, hourly labour costs were Euros 25.0 in the EU and Euros 27.6 in the euro area. In the mainly non-business economy (excluding public administration), they were Euros 28.5 and Euros 30.8, respectively. Labour costs consist of wages and salaries and non-wage costs (e.g. employers social contributions). The share of non-wage costs in total labour costs for the whole economy was 23.7% in the EU and 25.6% in the euro area. It ranged from 6.1% in Malta to 32.6% in France.

In Cyprus labour costs were Euros 14.4 in the business economy, Euros 13.3 in the industry, Euros 14.3 in construction, Euros 14.6 in the services and 26.2 in the mainly non business economy excluding the public administration. The non wage part of the total reaches 17.3%.

In Greece labour costs were Euros 16.1 in the business economy, Euros 16.5 in the industry, Euros 10.7 in construction, Euros 16.3 in the services and Euros 16.1 in the mainly non business economy. The non wage costs of the total wage reach 21.9%.

In 2018, compared with previous year, hourly labour costs in the whole economy expressed in Euros rose by 2.7% in the EU and by 2.2% in the euro area. Within the euro area, the largest increases were recorded in Latvia (+12.9%), Lithuania (+10.4%), Estonia and Slovakia (both +6.8%).

Hourly labour costs increased least in Malta (+0.4%), Finland (+1.2%), Spain (+1.3%) and Portugal (+1.4%). When comparing labour cost estimates over time, levels expressed in national currency should be used to eliminate the influence of exchange rate movements.

For Member States outside the euro area in 2018, the largest increases in hourly labour costs in the whole economy, expressed in national currency, were observed in Romania (+13.3%) and Hungary (+9.8%). They increased least in Denmark (+1.9%), Sweden (+2.3%) and the United Kingdom (+3.3%).

Source: Cyprus News Agency