Hourly labour costs rose by 2.1% in Cyprus in Q1 2018, according to Eurostat

Hourly labour costs rose by 2.1% in Cyprus for the total of the economy, in the first quarter of 2018, compared to the same quarter of 2017. More specifically wages and salaries rose by 2,1% and and non-wage costs also by 2.1%, according to Eurostat, the statistical office of the European Union.

Labour costs rose by 2.3% in the non – business part of the economy (2.2 for the wages and 2.4 for the non-wage costs), by 2.9% in the industry sector, by 1.1% in the constructions sector and by 2.0 in the services sector.

Meanwhile hourly labour costs rose by 2.0% in the euro area (EA19) and by 2.7% in the EU28 in the first quarter of 2018, compared with the same quarter of the previous year. In the fourth quarter of 2017, hourly labour costs increased by 1.4% and 2.3% respectively.

In the euro area, the cost of wages and salaries per hour worked grew by 1.8% and the non-wage component by 2.6%, in the first quarter of 2018 compared with the same quarter of the previous year. In the fourth quarter of 2017, the annual changes were +1.6% and +0.8% respectively. In the EU28, the cost of hourly wages and salaries rose by 2.7% and the non-wage component by 2.9% in the first quarter of 2018. In the fourth quarter of 2017, annual changes were +2.4% and +1.9% respectively.

In the first quarter of 2018 compared with the same quarter of the previous year, hourly labour costs in the euro area rose by 2.0% in industry, by 2.0% in construction, by 2.5% in the services and by 1.2% in the (mainly) nonbusiness economy. In the EU28, labour costs per hour grew by 3.1% in industry, by 3.6% in construction, by 2.9% in services and by 2.1% in the (mainly) non-business economy.

In the first quarter of 2018, the highest annual increases in hourly labour costs for the whole economy were registered in Romania (+12.7%), Latvia (+11.2%) and Hungary (+10.3%), while a decrease was recorded in Portugal (-1.5%).

Source: Cyprus News Agency