Labour costs in Croatia see strong growth in Q2

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.

 

Last update: Sat, 24/10/2015 - 19:36
Author: 

More from Business

Management buyout of Djuro Djakovic Montaza from Bilfinger under way

The management of "Bilfinger Djuro Djakovic Montaza" company specialised in steel construction including the...

German energy firms entitled to damages for nuclear shutdown policy

German energy companies are entitled to "appropriate" compensation for the government's 2011 decision to rush ahead...

Amazon tests checkout-free food store

Online retail giant Amazon is testing a new type of physical store in the US that promises no lines or checkouts,...

BMW to repay record 72 million dollars to Australian car buyers

BMW will have to pay back 72 million Australian dollars (53.8 million US dollars) to car buyers in Australia who...

Eurogroup finance ministers agree to debt relief for Greece

Finance ministers from the countries that use the euro agreed Monday in Brussels to a series of relief measures for...