Eurozone labour costs rose by four per cent in third quarter
Monday, 15 December 2008
BRUSSELS, Dec. 14 (Xinhua): Total hourly labor costs in the euro zone rose by four per cent in nominal terms in the year up to the third quarter of this year, the European Union (EU)'s statistics bureau Eurostat has said.
The index increased at a faster pace than that in the second quarter when the costs grew by 2.8 per cent over a year ago.
The two main components of labor costs are wages and non- wage costs. In the 15- nation euro zone, wages and salaries grew by 3.8 per cent in the year up to the third quarter of 2008, and non-wage costs by 4.4 per cent, compared with 2.7 per cent and 2.8 per cent respectively for the second quarter of 2008.
The breakdown by economic activity showed that in the euro zone hourly labor costs rose at an annual rate of 3.8 per cent in industry, 4.3 per cent in construction and 4.0 per cent in services up to the third quarter of 2008.
In the 27-nation EU, the annual rise was 4.1 per cent up to the third quarter of 2008, compared with 3.6 per cent for the previous quarter. Wages and salaries rose by 4.0 per cent and the non-wage component by 4.2 per cent, while for the previous quarter the corresponding rates were 3.6 per cent and 3.2 per cent.
In the EU, labor costs grew by 4.2 per cent in industry, 3.8 per cent in construction and 4.0 per cent in services.
Among those member states for which data were available for the third quarter of 2008, the smallest annual increase in hourly labor cost was observed in Germany and Sweden, both at 2.5 per cent. The highest annual rises were registered in Romania, which was 21. 2 per cent.
The index increased at a faster pace than that in the second quarter when the costs grew by 2.8 per cent over a year ago.
The two main components of labor costs are wages and non- wage costs. In the 15- nation euro zone, wages and salaries grew by 3.8 per cent in the year up to the third quarter of 2008, and non-wage costs by 4.4 per cent, compared with 2.7 per cent and 2.8 per cent respectively for the second quarter of 2008.
The breakdown by economic activity showed that in the euro zone hourly labor costs rose at an annual rate of 3.8 per cent in industry, 4.3 per cent in construction and 4.0 per cent in services up to the third quarter of 2008.
In the 27-nation EU, the annual rise was 4.1 per cent up to the third quarter of 2008, compared with 3.6 per cent for the previous quarter. Wages and salaries rose by 4.0 per cent and the non-wage component by 4.2 per cent, while for the previous quarter the corresponding rates were 3.6 per cent and 3.2 per cent.
In the EU, labor costs grew by 4.2 per cent in industry, 3.8 per cent in construction and 4.0 per cent in services.
Among those member states for which data were available for the third quarter of 2008, the smallest annual increase in hourly labor cost was observed in Germany and Sweden, both at 2.5 per cent. The highest annual rises were registered in Romania, which was 21. 2 per cent.