CEO Comité Européen de l‘Outillage 
European Tool Committee 
Europäisches Werkzeugkomittee

Annual growth in labour costs at 1.6% in euro area

Hourly labour costs rose by 1.6% in the euro area (EA19) and by 2.1% in the EU28 in the third quarter of 2017, compared with the same quarter of the previous year. In the second quarter of 2017, hourly labour costs increased by 1.8% and 2.3% respectively.

The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 1.6% and the non-wage component by 1.5%, in the third quarter of 2017 compared with the same quarter of the previous year.

 

 

In the second quarter of 2017, the annual changes were +2.1% and +0.8% respectively. In the EU28, hourly wages & salaries rose by 2.1% and the non-wage component by 2.3% in the third quarter of 2017. In the second quarter of 2017, annual changes were +2.5% and +1.8% respectively.

 

In the third quarter of 2017 compared with the same quarter of the previous year, hourly labour costs in the euro area

  • rose by 1.5% in industry,
  • by 2.1% in both construction and services, and
  • by 0.8% in the (mainly) non-business economy.

In the EU28, labour costs per hour grew by 2.0% in industry, by 2.5% in construction, by 2.6% in services and by 1.6% in the (mainly) non-business economy.

 

 

In the third quarter of 2017,

  • highest annual increases: Romania (+16.5%), Hungary (+12.6%) and Bulgaria (+10.7%).
  • decreases: Finland (-3.0%) and Portugal (-1.1%).

 

Further information:

Labour costs 3rd Quarter 2017

 

Source: Eurostat, http://ec.europa.eu/eurostat

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Posted in General Market News, Market Trends & Statistics

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