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Home Latvia

Labour costs in Latvia grow more rapidly that average in the EU

October 7, 2024
in Latvia
Labour costs in Latvia grow more rapidly that average in the EU
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The average hourly labour costs in Latvia in Q1, when compared to the same period of 2023, grew by 13.6%, which is a more rapid growth rate than the average in the European Union and Eurozone, according to data from Eurostat.

A more rapid growth of labour costs in Q1, as compared to the same quarter of 2023, was observed in Romania (+16.4%), Bulgaria (+15.8%), Croatia (+15.2%), and Poland (+14.1%). In Lithuania labour force costs are up 10.9%, and in Estonia they are up 7.4%.

The average hourly labour cost in the EU went up by 5.5% and 5.1% in Eurozone in Q1 2024.

In industry, average hourly labour costs in the EU increased by 5.5% year-on-year in the first quarter, while in the euro area they rose by 4.8%. In Latvia, the hourly labour costs in January were 12.3% higher than a year ago, in Lithuania the increase was 11.1%, while in Estonia there was a 7.9% increase.

In construction, on the other hand, the average hourly labour costs in the EU in Q1 increased by 5.8%, and by 5.2% in Eurozone. This includes a 14.7% increase in costs recorded in Latvia, a 15.5% increase in Lithuania, and a 6.2% increase in Estonia.

In the first quarter, hourly labour costs in the services sector in the EU were 5.5%, while in the euro area they were 5% higher than a year ago. In Latvia, labour costs in the services sector increased by 13.1%, in Lithuania – by 9.3%, and in Estonia – by 7.2%.

The labour costs consist of expenses on wages, bonuses and allowances, as well as tax and social security payments.

Also read: Progressives propose Agnese Lāce as next Latvian Minister of Culture

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Source link : https://bnn-news.com/labour-costs-in-latvia-grow-more-rapidly-that-average-in-the-eu-258093

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Publish date : 2024-06-17 07:00:00

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