Labour costs rise 0.4% in Cyprus against 1.8% in euro area, Eurostat says

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By Stelios Orphanides

Total nominal hourly labour costs rose in Cyprus 0.4 per cent in the second quarter of 2017 compared with the respective quarter last year, which was the third lowest in the EU, the European Commission’s statistical office said.

Nominal wages in Cyprus rose 0.5 per cent in April to June compared to a year before while costs other than wages and salaries dropped 0.1 per cent, Eurostat said in a statement on its website on Friday.

Total nominal labour costs for businesses rose in Cyprus an annual 0.4 per cent in the second quarter, broken down to 0.5 per cent increase in wages and practically unchanged other costs, Eurostat said. In the case of non-businesses, total labour costs rose also 0.4 per cent, as a result of a 0.6 per cent increase in wages and 0.2 per cent drop in other costs.

In the euro area, total labour costs rose 1.8 per cent in the second quarter while in the EU the increase was 2.2 per cent, Eurostat said. The highest increase was in Romania, Hungary and the Czech Republic with 19 per cent, 13 per cent and 11 per cent respectively. The three Baltic states, Lithuania, Latvia and Estonia reported the highest increases in the euro area with 10 per cent, 8.1 per cent and 8.1 per cent respectively.

The lowest increase in the EU were in Finland and Spain, with Italy trailing Cyprus with minus 0.3 per cent, 0.4 per cent and 0.9 per cent respectively, Cystat said.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]