Labour costs grow 1.5% in euro area on annual basis, drop 1.7% in Cyprus

In the first quarter of 2021, the hourly labour costs rose by 1.5% in the euro area and by 1.7% in the EU, compared with the same quarter of the previous year. In the fourth quarter of 2020, hourly labour costs increased by 2.8% and 3.2% respectively. These figures are published by Eurostat, the statistical office of the European Union.

In Cyprus the hourly labour costs decreased by 1.7% in the fist quarter of 2021, -2.4% for the wage part and increased by 1.5% on other costs.

The two main components of labour costs are wages and salaries and non-wage costs. In the euro area, the costs of wages and salaries per hour worked grew by 2.2%, while the non-wage component dropped by 0.9% in the first quarter of 2021, compared with the same quarter of the previous year.

In the fourth quarter of 2020, the annual changes were +3.5% for wages & salaries

Source: Cyprus News Agency

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