Malta reg­is­ters third low­est in­crease in hourly labour costs in Q3

The Malta Business Weekly - - FRONT PAGE - Noel Grima

Malta, along with Fin­land, has reg­is­tered the third low­est in­crease in hourly labour costs in the third quar­ter of this year, ac­cord­ing to data by Euro­stat. The 1.6% in­crease reg­is­tered by Malta was lower than the av­er­age in­creases reg­is­tered both in the euro area and the EU 28.

In the third quar­ter of 2018, the high­est an­nual in­creases in hourly labour costs for the whole econ­omy were reg­is­tered in Ro­ma­nia (+13.9%),

Latvia

Lithua­nia

(+13.2%) and

(+10.7%), while the low­est an­nual in­creases in hourly labour costs were recorded in Bel­gium (+1.2%), Por­tu­gal (+1.5%), Malta and Fin­land (both at +1.6%).

Hourly labour costs rose by 2.5% in the euro area (EA19) and by 2.7% in the EU28 in the third quar­ter of 2018, com­pared with the same quar­ter of the pre­vi­ous year. In the sec­ond quar­ter of 2018, hourly labour costs in­creased by 2.3% and 2.7% re­spec­tively.

The two main com­po­nents of labour costs are wages & salaries and non-wage costs.

In the euro area, the cost of wages & salaries per hour worked grew by 2.4% and the non-wage com­po­nent by 3.0% in the third quar­ter of 2018 com­pared with the same quar­ter of the pre­vi­ous year. In the sec­ond quar­ter of 2018, the an­nual changes were +2.1% and +3.0% re­spec­tively.

In the EU28, the costs of hourly wages & salaries rose by 2.7% and the non-wage com­po­nent rose by 2.4% in the third quar­ter of 2018. In the sec­ond quar­ter of 2018, an­nual changes were +2.8% and +2.7% re­spec­tively.

In the third quar­ter of 2018 com­pared with the same quar­ter of the pre­vi­ous year, hourly labour costs in the euro area rose by 2.2% in in­dus­try, by 2.9% in con­struc­tion and in ser­vices and by 2.1% in the (mainly) non­busi­ness econ­omy.

In the EU28, labour costs per hour grew by 2.6% in in­dus­try, by 3.3% in con­struc­tion, by 2.8% in ser­vices and by 2.4% in the (mainly) non-busi­ness econ­omy.

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