SOFIA (Bulgaria), September 19 (SeeNews) – Bulgaria recorded annual hourly labor cost growth of 14.6% in the April-June period, ranking just behind Hungary with 14.9% among all member states of the EU, the bloc said the statistics office.
With 11.7%, Romania was one of four other EU countries, which registered an increase of more than 10%, the other three being Lithuania with 12.4%, Poland with 11.1 % and Estonia with 10.1%, Eurostat said in a press release last week.
In the second quarter of 2022, hourly labor costs increased by 4.4% on average in the EU compared to the comparable quarter of 2021.
Greece is the country where hourly wages rose the least year-on-year, by 0.8%, according to the dataset.
In the EU, on average, wages and hourly wages increased by 4.5% year on year during the review period, with the largest increase recorded in the extractive industries of 6.9%, followed by administrative and support service activities, with 6.6%.
Wages and salaries are one of the two main components of labor costs, the other being non-wage costs, including employers’ social security contributions.
In terms of nominal labor costs for the whole economy in the second quarter, Bulgaria registered the highest annual increase in the EU, at 14.4%. Overall hourly labor costs in Bulgaria in the three months to June rose the most in services, by 16.8%, followed by industry with 15.0% and construction with 11.5%, according to Eurostat data.