Hourly labour costs rose by 3.4% in the euro area in the 4q2023
Hourly labour costs rose by 3.4% in the euro area in the 4q2023
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Hourly labour costs rose by 3.4% in the euro area in the 4q2023

In the EU, in the fourth quarter of 2023 compared with the same quarter of the previous year, the costs of hourly wages & salaries increased by 3.8%
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RE+D magazine
21.03.2024
In the fourth quarter of 2023 the hourly labour costs rose by 3.4% in the euro area and by 4.0% in the EU, compared with the same quarter of the previous accroding to Eurostat, the statistical office of the European Union.

The two main components of labour costs are wages & salaries and non-wage costs.

In the euro area, in the fourth quarter of 2023 compared with the same quarter of the previous year the costs of hourly wages & salaries increased by 3.1%, while the non-wage component increased by 4.2%.

In the EU, in the fourth quarter of 2023 compared with the same quarter of the previous year, the costs of hourly wages & salaries increased by 3.8% and the non-wage component increased by 4.6%.

In the same period compared with that of the previous year, the highest increases in hourly wage costs for the whole economy were recorded in Romania (+16.9%), Hungary (+16.3%), Croatia (+16.0%), Poland (+13.1%) and Slovenia (+12.5%). 

Four more EU Member States recorded an increase above 10%, namely: Bulgaria (+11.9%), Lithuania (+11.2%), Latvia (+11.1%) and Estonia (+10.9%).

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