Croatia posted the highest increase in hourly wage costs among the 27 EU member states in the third quarter of 2023, at 16.2%, closely followed by Bulgaria with 15.8%, Eurostat said on Friday.
Out of the other three EU member states in Southeast Europe (SEE), Romania was the only one where annual wage cost growth exceeded 10%, at 15.1%, the bloc’s statistical office said in a quarterly report.
In the third quarter, Slovenia’s hourly wages grew the least in annual terms among EU states in SEE, by 5.1%, the data showed. Greece’s hourly wages added 7% year-on-year in the review period.
Hourly wage costs went up by 5.8% in the EU on average in July-September compared to the same period of 2022, with the rate of increase speeding up from the 5.1% registered in the previous quarter.
Wages and salaries are one of the two main components of labour costs, the other being non-wage costs, among which employers’ social contributions.
In the EU as a whole, the hourly labour costs added 5.7% on the year in the review period, with the highest rise registered in construction, of 6.4%.
In terms of overall nominal labour costs for the whole economy in the third quarter, Croatia marked the bloc’s steepest annual rise, at 16.3%. Hourly labour costs in Croatia in the three months through September grew the most in construction, by 19.5%, followed by services with 14.5% and industry with 14.1%, Eurostat said.
Source : SeeNews
