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EU: Annual growth in labour costs at 2.0% in euro area and 2.7% in EU28

June 15, 2018

According to figures published by Eurostat, the Statistical Office of the European Union, 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. This was higher than the increase of 1.4% and 2.3% recorded in the fourth quarter of 2017 for euro area (EA19) and EU28 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 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 & 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.

Breakdown by economic activity

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.

Member States

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%).

 

 

The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any Action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

 

2018-06-15T14:12:08-05:00