Labour costs in Croatia grew strongly in the second quarter of 2015 compared with the same quarter of 2014, while that growth was on average milder in the European Union, a Eurostat report released on Wednesday indicates.
In the period from April to June, hourly labour costs in Croatia grew by 3.3% compared with the same period in the previous year while in comparison with Q1 labour costs grew by 2.3%, Eurostat said. The cost of wages and contributions in Croatia also increased at the same rate.
In the second quarter of 2015, the highest annual increases in hourly labour costs for the whole economy were registered in Latvia (+7.9%), Romania (+7.7%), Bulgaria (+6.8%), Estonia (+5.5%) and Lithuania (+4.3%). Only three countries recorded a decrease in the cost of labour - Greece (-2.9%), Cyprus (-1.2%) and Italy (-0.4%).
In the first quarter of 2015, hourly labour costs increased by 1.9% in the EU after a milder reduction of 2.3% in the preceding quarter.
The two main components of labour costs are wages and salaries and non-wage costs. The cost of wages in Q2 increased by 2.1% in the EU following a growth of 2.4% in Q1. Contributions too increased by 1.1% compared with 2.1% the quarter before that.
Friday, March 18, 2016 - 15:02 CET