Latvia's labor costs less than half EU average

Take note – story published 1 year ago

In 2021, hourly labour costs in the whole European Union economy were estimated to be €29.1 in the EU and €32.8 in the eurozone, up compared with €28.6 and €32.4, respectively, in 2020.

But Latvia's labor costs are less than half the EU average and around a third of the eurozone figure according to data on labor costs levels published by Eurostat March 28.

The lowest hourly labor costs were recorded in Bulgaria (€7.0) and Romania (€8.5), and the highest in Denmark (€46.9), Luxembourg (€43.0) and Belgium (€41.6). 

Hourley labor costs in EU by economic activity
Hourley labor costs in EU by economic activity

In 2021, compared to 2020, hourly labor costs at whole economy level expressed in € rose by 1.7% in the EU and by 1.2% in the euro area.

Within the euro area, hourly labour costs increased in all Member States except Italy (-1.6%) and Spain (-0.3%). The largest increases were recorded in Lithuania (+12.5%), Estonia (+6.5%), Cyprus and Slovenia (+6.2% each) as well as Latvia (+6.1%).

Increase in hourly labor costs, EU 2021
Increase in hourly labor costs, EU 2021

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