Labor costs up in second quarter

Compared to the second quarter of 2016, in the second quarter of 2017 hourly labor costs rose by 77 cents or 10.6 %, reaching 8.07 euros according to seasonally non-adjusted data from the Central Statistical Bureau (CSB) released September 15.

Seasonally adjusted data show that labor costs increased by 8.2 %.

Seasonally non-adjusted data show that, compared to the 2nd quarter of 2016, in the 2nd quarter of 2017 rise in hourly labor costs was recorded in almost all sectors.

The sharpest rise in labor costs was recorded in education (of 16.8 %), the energy sector (14.2 %), professional, scientific and technical activities (13.0 %), public administration and defense (12.9 %), and trade (11.5 %).

The CSB alsp pointed out that hourly labour costs are influenced not only by changes in wages, salaries and other labour costs, but also by the fluctuations in the number of hours worked during the year. In the second quarter of the year, compared to the corresponding period of the previous year, the number of hours worked reduced almost in all economic activities.

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Economy