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Eurostat: labour costs in Latvia were fourth lowest in EU last year

Photo: pixabay.com.
Average labour costs in Latvia were EUR 8.1% last year, which is the fourth lowest index among European Union member states, according to data compiled by Eurostat.

According to this data, the lowest labour costs in economy, except for agriculture and state administration, were recorded in Bulgaria (EUR 4.9 per hour), Romania (EUR 6.3 per hour) and Lithuania (EUR 8 per hour) last year.

In Estonia, labour costs were EUR 11.7 per hour last year, which is the tenth lowest index among EU member states.

The highest labour costs last year were recorded in Denmark (EUR 42.5), Belgium (EUR 39.6), Luxembourg (EUR 37.6), Sweden (EUR 36.6) and France (EUR 36).

Average labour costs in the EU were EUR 26.8 in 2017, which is 2.3% higher when compared to the year before. Labour costs in Eurozone reached EUR 30.3 per hour in 2017, when compared to the previous year.

Among Eurozone member states, the largest labour cost increase of 2017 was registered in Baltic States: +9% in Lithuania, +7.4% in Estonia and +7% in Latvia. The only Eurozone member states that had experienced labour cost decline were Finland (-1.5%), and Britain (-4.1%). The smallest labour cost increase was registered in Sweden (+0.3%), Spain (+0.5%) and Italy (+0.8%).

Outside of Eurozone, the largest labour cost increase was registered in Romania (+17.1%) and Bulgaria (+12%).

Labour costs are made up of wage, bonus pay, taxes and social insurance fees.


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