Bulgaria's hourly labour costs grow 12% y/y in Q4

The total hourly labour cost grew by 19.5% in construction, 10.6% in industry and 10.4% in services, the NSI said in a quarterly report on Friday, citing preliminary data.

Salary costs added an annual 11.9% in October-December, while non-wage labour costs climbed 10.2% year-on-year.

In terms of economic activities, the highest annual growth in total labour costs in the review period was recorded in public administration and defence; compulsory social security - by 19.8% on the year, followed by the rise in construction and a 17% increase in education.

Bulgaria came in sixth among the 27 European Union member states in terms of annual growth in hourly wage costs in the fourth quarter of 2023, the bloc's statistical office, Eurostat, said last week.