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Bulgaria's hourly labour costs rise 16% y/y in Q1

Jun 21, 2024, 11:31:47 AMArticle by Mihaela Miteva
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June 21 (SeeNews) - Hourly labour costs in Bulgaria grew by 15.8% year-on-year in the first quarter of 2024, as all sectors marked increases, the National Statistical Institute (NSI) said on Friday.

Bulgaria's hourly labour costs rise 16% y/y in Q1
Image source: Christopher Burns on Unsplash, NSI

The total hourly labour cost went up by 13.9% in industry, 16.3% in services and 19.3% in construction, the NSI said in a quarterly report, citing preliminary data.

Wage and salary costs rose by 15.8% on the year in January-March, while non-wage labour costs added an annual 15.9%.

In terms of economic activities, the highest annual growth in total labour costs in the review period was registered in other service activities - at 20.8%, followed by accommodation and food service activities with 20.6% and construction with 19.3%.

Bulgaria came second among the 27 European Union member states in terms of the annual rise in hourly wage costs in the first quarter of 2024, preceded only by Romania, the bloc's statistical office, Eurostat, said earlier this week.

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