Hourly labour costs rise by 5% YoY in euro area in Q1 2023, 5.3% in EU

The two main components of labour costs are wages and salaries and non-wage costs.

In the euro area, wages and salaries per hour worked increased by 4.6 per cent YoY, while the non-wage component rose by 6.2 per cent YoY in Q1 2023.

In the EU, hourly wages and salaries increased by 5 per cent YoY and the non-wage component by 6.1 per cent YoY in Q1, an Eurostat release said.

In Q1 2023, hourly labour costs in the euro area rose by 4.4 per cent YoY in the (mainly) non-business economy and by 5.2 per cent YoY in the business economy. In the EU, hourly labour cost grew by 4.5 per cent YoY in the (mainly) non-business economy and by 5.6 per cent YoY in the business economy.

The highest YoY increases in hourly wage costs for the whole economy in Q1 2023 were recorded in Bulgaria (15.7 per cent), Romania (14.3 per cent) and Lithuania (13.2 per cent).

Four more EU member states recorded an increase above 10 per cent: Estonia (12 per cent), Croatia (11.3 per cent), Poland (10.7 per cent) and Belgium (10.1 per cent).

Fibre2Fashion News Desk (DS)