Last year the average hourly labour costs in Latvia were EUR 11.1, significantly below the average levels in the EU and Eurozone, according to data published by Eurostat on March 28.
According to this data, labour costs in the economy, except fir agriculture and state administration, were below Latvia’s in Bulgaria (EUR 7 per hour), Romania (EUR 8.5 per hour) and Hungary (EUR 10.4 per hours).
In Lithuania labour hourly labour costs in 2021 were EUR 11.3 and in Estonia – EUR 14.5.
Last year, labour costs were the highest in Denmark (EUR 46.9), Luxembourg (EUR 43), Belgium (EUR 41.6), Sweden (EUR 39.2), the Netherlands (EUR 38.3) and France (EUR 37.9).
This index was EUR 29.1 on average in the EU, up by 1.7% YoY. In Eurozone hourly labour costs increased by 1.2%, reaching EUR 32.8.
Among Eurozone member states, the biggest labour cost increase was observed in Lithuania (+12.5%), Estonia (+6.5%), Cyprus and Slovenia (+6.2% in both) and Latvia (+6.1%).
A drop was observed in Italy (-1.6%) and Spain (-0.3%).
The biggest increase of hourly labour rate among EU member states outside Eurozone, when calculated in local currency, was in Bulgaria (+9.1%) and Poland (+8.2%).
Labour maintenance costs consist of labour wage, bonus pay and other prize money, as well as tax and social insurance contributions. (BNN/Business World Magazine)
