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Photo: Eddy Palen/LETA
The average hourly labor cost in Latvia in the third quarter of this year, compared to the corresponding quarter last year, increased by 5.6%, faster than the average increase in the European Union (EU) and the euro area , according to data released on Monday by the EU’s statistical office “Eurostat”.
Average hourly labor costs increased in the third quarter in all EU Member States, but the fastest increase was recorded in Bulgaria (+16.2%), Lithuania and Hungary (both countries +14%) , Poland (+13.3%) and Romania (+10.9%). %). In Estonia, labor costs increased by 7.5% during this period.
Average hourly labor costs in the EU increased by 3.4% year-on-year in the third quarter, while the increase in the euro area was 2.9%.
In industry, average hourly labor costs in the EU increased by 1.9% year-on-year in the third quarter, while the increase in the euro area was 0.7%. Hourly labor costs in industry in Latvia in July-September were 8.5% higher than a year ago, while an increase of 12.9% was recorded in Lithuania and Estonia.
In construction, on the other hand, the average hourly labor cost in the July-September period increased by 3.1% in the EU and by 2.2% in the Eurozone. Among them, a cost increase of 1.1% was recorded in Latvia, a 9.2% increase in Lithuania and a 4% increase in Estonia.
In the third quarter, hourly labor costs in the services sector were 3.9% higher in the EU and 3.4% higher in the Eurozone than a year ago. In Latvia, labor costs in the service sector increased by 4.4%, in Lithuania by 16.7% and in Estonia by 7%.
The cost of maintaining the workforce consists of the expenditure on wages, bonuses and benefits, as well as taxes and social security contributions.
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