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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