Cyprus labour costs rose by 4.4% in Q2 2009

Cyprus’ labour cost index rose by 4.4% in the second quarter of 2009, compared with the same period last year, according to estimates published by Eurostat.

For the same period, Eurozone’s labour cost index rose by 4%, while cost increased by 3.7% in the EU 27. Greece recorded a 6.6% increase in wages, salaries and non-wage costs.

Labour costs have risen most sharply in Bulgaria (15.5%), in Rumania (11.7%), in Finland (8.6%) and in Hungary (7.1%).

The lowest rises were registered in Malta (0.3%), in France (0.7%), in UK (0.9%). A decrease in hourly labour cost was observed in Estonia (-0.6%).

Cyprus recorded the biggest increases in labour cost in construction by 5.5%, in services by 4.3% and in industry by 4.2%.

Labour costs index in each country for which data are available is the following: Cyprus
4.4%, Greece 6.6%, Finland 8.6%, Slovenia 5,8%, Austria 5.3%, Portugal 4.7%, Slovakia 3.2%, France 0.7%, Malta 0.3%, Bulgaria 15.5%, Rumania 11.7%, Hungary 7.1%, Poland 6.1%, Latvia 4.1%, Denmark 3.1%, Czech Republic 2.8%, UK 0.9%, Esthonia -0.6%.