Insider Economy Hourly labour cost rises by 2.2% in the euroarea and by 2.8%...

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 €27.4 in the European Union (EU), €30.6 in the euro area, €16.3 in Cyprus (2.8% increase since 2017) and €16.1 in Greece (3.7% increase since 2017).

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

Hourly labour costs in industry were €27.4 in the EU and €33.2 in the euro area. In services, they were €27.0 and €29.6, respectively. In construction, hourly labour costs were €25.0 in the EU and €27.6 in the euro area. In the mainly non-business economy (excluding public administration), they were €28.5 and €30.8, respectively. Labour costs consist of wages & 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 €14.4 in the business economy, €13.3 in the industry, €14.3 in construction, €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 €16.1 in the business economy, €16.5 in the industry, €10.7 in construction, €16.3 in the services and €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 € 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%).

(Cyprus News Agency)

Top Stories

Largest supermoon of 2020 rises on a world battling Covid-19 (photos)

The largest, brightest supermoon of 2020 rose in the night sky on Tuesday over hushed cities, stilled factories and countries in lockdown due to...

UK PM Johnson is stable, still in intensive care – Downing Street

British Prime Minister Boris Johnsons condition is stable and he remains in intensive care for close monitoring, a spokesman for his office said on...

Paphos: 5 booked at swimming pool, another 5 playing football

Five foreign nationals were booked by police on Tuesday afternoon at the swimming pool of a Paphos apartment complex. None were swimming, but all were...

Trump accuses U.S. Health Department watchdog of ‘fake dossier’ on coronavirus

President Donald Trump on Tuesday accused the U.S. Health Department's inspector general of having produced a "fake dossier" on American hospitals suffering shortages on...

5 tons of chloroquine imported from India for Cyprus, Israel

Five tons of API Chloroquine have been imported from India for Cyprus and Israel as part of a joint initiative by the two countries...

Taste

Stuffed vine leaves without meat

(Dolmadakia gialantzi) Rinse the leaves and boil in salted water for approximately 10 minutes until soft. Drain and place in some cold water with ice...

Snails with tomato sauce

When the snails are ready, drain them. Fry the onions in the oil and once slightly brown, add the tomatoes. Stir until cooked well...

Sea bream with capers

Clean the sea bream well, add salt and pepper to them and brush them with olive oil. Mix the capers and parsley together as...

Halloumi bread

Sift the flour with the salt into a bowl and mix in the yeast and lemon rind. Make a well in the centre of...