Hourly labour costs rose by 1.1% in Cyprus in the fourth quarter of 2016, compared with the same quarter of last year. In fact hourly labor costs also rose this time for the 4th consecutive quarter, after 0.3% in Q3, 0.5% in Q2 and 0.4% in Q1, according to eurostat.
The two main components of labor costs are wages & salaries and non-wage costs. In Cyprus, wages & salaries per hour worked grew by 1.1% and the non-wage component by 1.0%.
Hourly labor costs also rose by 1.6% in the euro area (EA19) and by 1.7% in the EU28 in the fourth quarter of 2016, compared with the same quarter of the previous year.
In detail, hourly labor costs in the euro area rose by 1.8% in industry, by 2.3% in construction, by 1.5% in services and by 1.5% in the (mainly) nonbusiness economy. In the EU28, labour costs per hour grew by 1.7% in industry, by 3.1% in construction, by 1.6% in services and by 1.8% in the (mainly) non-business economy.
The highest annual increases in hourly labor costs for the whole economy were registered in Romania (+12.3%), Lithuania (+10.7%), Latvia (+8.1%) and Bulgaria (+8.0%). Decreases were recorded in Greece (-0.5%) and Austria (-0.1%).