Labor Costs Increase by 12% by the End of 2017Finance | March 20, 2018, Tuesday // 16:06| views
Preliminary data of the National Statistical Institute, NSI for the fourth quarter of 2017 indicate that the total hourly labour cost rose by 12.2% compared to the fourth quarter of 2016.
The total hourly labour cost grew by 11.7% in industry, by 11.8% in services and by 11.9% in construction. The breakdown by economic activities showed that the highest annual growths in total labour costs were recorded in ‘Education’ - 20.2%, ‘Other service activities’ - 19.1% and ‘Administrative and support service activities’ - 15.0%.
The lowest increase in total labour costs was observed in ‘Arts, entertainment and recreation’ by 1.1%, ‘Electricity, gas, steam and air conditioning supply’ by 3.7% and ‘Financial and insurance activities’ - 6.9%. In the structure of the total labour costs, the wages and salaries costs per hour worked grew by 12.0% in comparison with a year earlier, while the other (non-wage) costs rose by 13.2%.
Among the economic activities in the fourth quarter of 2017 compared to the fourth quarter of 2016 the growth rate of wages and salaries component ranged from 1.0% in ‘Arts, entertainment and recreation’ to 20.1% in ‘Education’.