Average hourly labor costs across the economy were estimated at €31.8 in the EU and €35.6 in the euro area last year, compared to €30.2 in the EU and €34 in the euro area in 2022, it shows the data published on Wednesday by the European Statistical Office (Eurostat).
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The average hourly costs mask significant gaps between the member states of the European Union, the lowest hourly labor costs being recorded last year in Bulgaria (9.3 euros), Romania (11 euros) and Hungary (12.8 euros), and the highest in Luxembourg (53.9 euros), Denmark (48.1 euros) and Belgium (47.1 euros), writes Agerpres.
In 2023, average hourly labor costs in industry were €32.2 in the EU and €38 in the euro area, while in construction they were €28.5 in the EU and €31.9 in the euro area , and in services of 31.8 euros in the EU and 34.8 in the euro area. In the non-business economy (excluding public administration), average hourly labor costs were €32.4 in the EU and €35.7 in the euro area.
The hourly labor cost includes wage costs and non-wage costs, such as social contributions paid by employers. The share of non-wage costs in the total cost of labor in the entire economy was 24.7% in the EU and 25.5% in the euro area last year. The lowest share of non-wage costs was in Malta (1.4%), Romania (5%) and Lithuania (5.4%), and the highest in Sweden (32.2%) and France (31 .9%).
In 2023, compared to 2022, economy-wide hourly labor costs expressed in euros increased by 5.3% in the EU and by 4.8% in the euro area.
In the euro area, hourly labor costs increased in all member states and the most significant advance was in Croatia (14.2%), Lithuania (12.4%) and Estonia (11.7%).
In the case of countries outside the euro zone, hourly labor costs expressed in national currency rose last year in all member states, the most important increase being in Hungary (17%), Romania (16.5%) Bulgaria (14%) ) and Poland (12.4%), and the lowest growth in Denmark (2.7%).
