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Hourly labour costs in Latvia grew 10.6% in Latvia in Q2

Compared to Q2 previous year, hourly labour costs rose by 77 cents or 10.6 %, reaching 8.07 euros in Q2 2017. Seasonally adjusted data show that labour costs increased by 8.2 %.

Seasonally non-adjusted data show that, compared to the 2nd quarter of 2016, in the 2nd quarter of 2017 rise in hourly labour costs was recorded in almost all sectors, except for other service activities (activities of public, political and other organisations, repair of computers and personal and household goods, washing and (dry-)cleaning, hairdressing and other beauty treatment, funeral and related activities) in which a drop of 0.3 % was recorded, according to data from the Central Statistical Bureau of Latvia.
 

A sharper rise in the hourly labour costs was recorded in education (of 16.8 %), energy sector (14.2 %), professional, scientific and technical activities (13.0 %), public administration and defence (12.9 %), and trade (11.5 %).
 

Rise in regular wages and salaries and support payments from the employer had more notable influence on the increase of labour costs in education sector. In the energy sector, steeper rise was recorded in irregular wages and salaries, whereas in professional, scientific and technical activities as well as public administration and defence – in employers’ voluntary social security contributions (additional pension insurance contributions, health and life insurance contributions etc.).
 

Hourly labour costs are influenced not only by changes in wages, salaries and other labour costs, but also by the fluctuations in the number of hours worked during the year. In Q2 year, compared to the corresponding period of the previous year, the number of hours worked reduced almost in all economic activities, except for information and communication, construction, administrative and support service activities, as well as real estate activities.
 

The smallest rise in hourly wages and salaries was recorded in real estate activities – of 2.0 %. Increase in wages, salaries and other labour costs in this sector were small, whereas the number of hours worked in it grew slightly.
 

In Q2 2017, the highest hourly labour costs were observed in financial and insurance activities (17.78 euros), information and communication (12.53 euros), energy sector (11.90 euros), public administration and defence (10.12 euros), and mining and quarrying (8.46 euros). The lowest hourly labour costs, in turn, were recorded in accommodation and food service activities (5.46 euros), other service activities (5.76 euros), real estate activities (6.55 euros), arts, entertainment and recreation (6.78 euros), as well as administrative and support service activities (6.88 euros).

BNN

16-09-2017
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