Croatia, Malta report weakest growth of hourly labor costs in EU in Q2

EU

Photo by Shutterstock.com

Working day-adjusted hourly labor costs grew by 4.1% among the EU27 in Q2 compared to the same period of last year, a report from the EU’s statistical office Eurostat shows. Croatia and Malta saw the weakest growth in hourly labor costs, of 0.7% and 0.8% respectively.

In Q4 2019, hourly labor costs grew by 3.9%. In the euro area, hourly labor costs in Q2 grew by 4.2%, after a 3.7% increase in the previous three months.

In Q1 hourly labor costs in Croatia grew by 0.6%. Wage costs in both the EU and the euro area grew more strongly than in Q1 despite measures introduced to contain the coronavirus.

In the EU27 they grew by 5.3%, after a 4.1% increase in Q1, while in the euro area they rose by 5.2%, after a 3.9% increase in Q1.

In both the EU and the euro area, the increase in hourly wage costs indicates that the decrease in the number of hours worked, due to the COVID-19 crisis, was not fully compensated by a matching decrease in wages, says Eurostat.

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.