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Wednesday, 24.04.2024, 14:12
Latvia records EU's second steepest increase in labor costs in Q4
BC, Riga, 19.03.2014.
Print version
Print versionAverage hourly labor costs in Latvia increased 5.9% in the fourth quarter of 2013, compared to the respective period in 2012 – the second steepest increase across the European Union, according to the latest data from the EU's statistical office Eurostat, reports LETA.
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The steepest increases in average hourly labor costs in the fourth quarter of 2013 were registered in Estonia – 7.2%, Latvia, Lithuania – 5.7%, and Bulgaria – 4.3%.
Reductions in average hourly labor costs were registered in Cyprus – 6.5%, and Portugal – 0.4%.
Overall, average hourly labor costs increased 1.2% in the EU and by 1.4% in the euro area in the fourth quarter of 2013.
In Latvia, average hourly labor costs grew 5.9% in industry, 7.7% in construction and 4.9% in services.
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