At 33.5 euros the average hourly labor costs in the EU – at 37.3 euros in the eurozone – Greece’s lower positions, with 16.7 euros costs per hour
In 2024, the average hourly labor costs across the economy was estimated at EUR 33.5 in the EU and EUR 37.3 in the euro zone, for 31.9 euros and 35.7 euros, respectively, in 2023, according to its data Eurostat that were released today.
The average hourly labor costs have significant differences between EU countries, with the lowest hourly labor costs being recorded in Bulgaria (10.6 euros), the Romania (12.5 euros) and the Hungary (14.1 euros). This is followed by Latvia (15.1 euros), Lithuania (16.3 euros) and Greece (16.7 euros). In contrast, the highest hourly labor costs are recorded in Luxembourg (55.2 euros), Denmark (50.1 euros), Belgium (48.2 euros) and the Netherlands (45.2 euros).
Average hourly labor costs in industry It was 33.9 euros in the EU and 39.8 euros in the euro area, while in the construction sector, it was 30.0 euros and 33.4 euros respectively. In the services, the hourly labor costs ranged between 33.3 euros in the EU and 36.4 euros in the euro area. In the main non -business economy (except for public administration) there was 34.2 euros and 37.5 euros respectively.
The two main components of labor costs are wages and non -wage costs (eg employer social contributions). The share of non -wage costs at total labor costs for the whole economy was 24.7% in the EU and 25.5% in the euro zone. The lower non -wage costs in the EU were recorded in Romania (4.8%), Lithuania (5.4%) and Malta (5.8%) and highest in France (32.2%) and Sweden (31.6%).
The 2024Compared to 2023, hourly labor costs at a total economy, expressed in euro, increased by 5% in the EU and by 4.5% in the euro zone.
Within the euro area, hourly labor costs increased in all countries. The largest increases were recorded in Croatia (+14.2%), Latvia (+12.1%) and Lithuania (+10.8%) and the lowest in the Czech Republic (+1.3%) followed by Finland (+1.8%) and Luxembourg (+2.1%).
For EU countries outside the euro area, the hourly labor costs expressed in national currency increased in 2024 in all countries, with the largest increases being recorded in Romania (+14.2%), Bulgaria (+13.9%), Hungary (+13.6%) and Poland (+12.8%). They increased less in Sweden (+3.6%).
Source: Skai
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