Insider Economy Hourly labour costs up 4.4% in Cyprus in 1Q 2020

Hourly labour costs up 4.4% in Cyprus in 1Q 2020

 

Hourly labour costs rose by 3.4% in the euro area, by 3.7% in the EU, by 4.4% in Cyprus and 1.5% in Greece in the 1st quarter of 2020 compared with the same quarter of the previous year, according to data released today by Eurostat, the statistical office of the EU.

In the fourth quarter of 2019, hourly labour costs increased by 2.3%, 2.7%, 5.3% and 4.1% respectively.

The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, the cost of wages & salaries per hour worked grew by 3.4% and the non-wage component grew by 3.6% in the first quarter of 2020 compared with the same quarter of the previous year. In the fourth quarter of 2019, the annual changes were +2.4% for wages & salaries and 2.2% for the non-wage component.

In the EU, the costs of hourly wages & salaries as well as the non-wage component rose by 3.7% in the first quarter of 2020. In the fourth quarter of 2019, annual changes were +2.8% and +2.4% respectively.

In Cyprus, the cost of wages & salaries per hour worked grew by 3.5% and the non-wage component grew by 9.3% in the first quarter of 2020 compared with the same quarter of the previous year. In the fourth quarter of 2019, the annual changes were +3.2% for wages & salaries and 15.9% for the non-wage component.

In Greece, the cost of wages & salaries per hour worked grew by 2.4% and the non-wage component decreased by -1% in the first quarter of 2020 compared with the same quarter of the previous year. In the fourth quarter of 2019, the annual changes were +4% for wages & salaries and 4.4% for the non-wage component.

In the first quarter of 2020 compared with the same quarter of the previous year, hourly labour costs in the euro area rose by 2.6% in industry, by 3.0% in construction, by 3.4% in services and by 4.2% in the (mainly) non-business economy. In the EU, labour costs per hour grew by 3.1% in industry, by 3.2% in construction, by 3.6% in services and by 4.3% in the (mainly) non-business economy.

In the first quarter of 2020, the highest annual increases in hourly labour costs for the whole economy were registered in Lithuania (+11.4%) and Bulgaria (+10.2%) while the lowest increase were recorded in Croatia (+0.3%) and Luxembourg (+0.4%).

(CNA)

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