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Romania sees EU's highest hourly wage cost growth in Q1

Jun 19, 2024, 11:20:17 AMArticle by Mihaela Miteva
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June 19 (SeeNews) - Romania posted the EU's highest annual increase in hourly wage costs in the first quarter of 2024, at 16.4%, followed by Bulgaria with 15.8% and Croatia with 15.3%, Eurostat said.

Romania sees EU's highest hourly wage cost growth in Q1
Photo by Christopher Burns on Unsplash

Among the other EU member states in Southeast Europe (SEE), Greece recorded an annual wage cost growth of 7.9%, while Slovenia's hourly wages went up 9.6%, the bloc's statistical office said in a quarterly report on Monday.

Hourly wage costs climbed by 5.8% on average in the EU in January-March compared to the same period of 2023, with the rate of increase speeding up from 3.9% recorded in the previous quarter.

Wages and salaries are one of the two main components of labour costs, the other being non-wage costs, among which employers’ social contributions.

In the EU as a whole, the hourly labour costs added 5.5% year-on-year in the review period, with the highest rise booked in construction, at 5.8%.

In terms of overall nominal labour costs for the whole economy in the first quarter, Romania marked the bloc's steepest annual increase, at 16.4%. Hourly labour costs in Romania in the three months through March grew the most in construction, by 20.5%, followed by services with 15.9% and industry with 14.4%, Eurostat said.

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