Hourly labour cost drops by -0.8 in Q4

Financial Mirror (Cyprus) - - FRONT PAGE -

Hourly labour costs dropped by -0.8 in Cyprus dur­ing the last quar­ter of 2015, com­pared to the same quar­ter of the pre­vi­ous year, ac­cord­ing to Euro­stat.

Labour costs fol­lowed a down­ward trend also on Q3 of 2015 by -0.7%.

Mean­while, the same in­dex rose by 1.3% in the euro area (EA19) and by 1.9% in the EU28 in the fourth quar­ter of 2015, com­pared with the same quar­ter of the pre­vi­ous year, ac­cord­ing to Euro­stat. In the third quar­ter of 2015, hourly labour costs in­creased by 1.1% and 1.9%, re­spec­tively.

Euro­stat says that the two main com­po­nents of labour costs are wages and salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 1.5% and the non-wage com­po­nent by 0.7%, in the fourth quar­ter of 2015 com­pared with the same quar­ter of the pre­vi­ous year. In the third quar­ter of 2015, the an­nual changes were +1.5% and +0.2% re­spec­tively. In the EU28, hourly wages & salaries rose by 2.0% and the non-wage com­po­nent by 1.4% for the fourth quar­ter of 2015. In the third quar­ter of 2015, an­nual changes were +2.1% and +1.2% re­spec­tively.

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