advertisement
Sat, Feb 11 2012
Bulgaria, Romania report highest labour cost increases in the EU
Photo: Assen Tonev
Among the European Union member states for which data are available for the first quarter of 2009, the highest annual increases in hourly labour costs were in Bulgaria and Romania, both 18.6 per cent, Eurostat said on June 16 2009.
Annual decreases in hourly labour costs were observed in the United Kingdom3 (-5.5 per cent), Greece (-3.3 per cent) and France (-0.6 per cent).
Total hourly labour costs in the euro area rose by 3.7 per cent in nominal terms in the year up to the first quarter of 2009, compared with four per cent for the previous quarter.
In the EU27, the annual rise was 1.5 per cent up to the first quarter of 2009, compared with 4.5 per cent for the previous quarter.
The two main components of labour costs are wages and salaries and non-wage costs.
In the euro area, wages and salaries grew by 3.6 per cent in the year up to the first quarter of 2009, and non-wage costs by 4.5 per cent, compared with 3.9 per cent and 4.4 per cent respectively for the fourth quarter of 2008.
In the EU27, wages & salaries rose by 1.1 per cent and the non-wage component by 3.1 per cent. For the previous quarter the corresponding rates were 4.5 per cent and 4.6 per cent.
Eurostat said that the breakdown by economic activity shows that in the euro area hourly labour costs rose at an annual rate of 6.1 per cent in industry, 3.6 per cent in construction and 2.4 per cent in services up to the first quarter of 2009.
In the EU27, labour costs grew by 5.2 per cent in industry and 2.8 per cent in construction, but fell by 0.5 per cent in services.
Annual decreases in hourly labour costs were observed in the United Kingdom3 (-5.5 per cent), Greece (-3.3 per cent) and France (-0.6 per cent).
Total hourly labour costs in the euro area rose by 3.7 per cent in nominal terms in the year up to the first quarter of 2009, compared with four per cent for the previous quarter.
In the EU27, the annual rise was 1.5 per cent up to the first quarter of 2009, compared with 4.5 per cent for the previous quarter.
The two main components of labour costs are wages and salaries and non-wage costs.
In the euro area, wages and salaries grew by 3.6 per cent in the year up to the first quarter of 2009, and non-wage costs by 4.5 per cent, compared with 3.9 per cent and 4.4 per cent respectively for the fourth quarter of 2008.
In the EU27, wages & salaries rose by 1.1 per cent and the non-wage component by 3.1 per cent. For the previous quarter the corresponding rates were 4.5 per cent and 4.6 per cent.
Eurostat said that the breakdown by economic activity shows that in the euro area hourly labour costs rose at an annual rate of 6.1 per cent in industry, 3.6 per cent in construction and 2.4 per cent in services up to the first quarter of 2009.
In the EU27, labour costs grew by 5.2 per cent in industry and 2.8 per cent in construction, but fell by 0.5 per cent in services.
-
Print
-
Send via email
- Translate to
-
Share:
Comments
To post comments, please, Login or Register.
Please read the The Sofia Echo forum comments policy.
Bulgaria records highest labour cost increase in EU
Labour costs in Bulgaria increased by 11.3 per cent on an annual basis, according to a Eurostat report on the fourth quarter of 2009.
Increase in labour costs in Bulgaria highest in EU – Eurostat
Among European Union member states for which data are available for the second quarter of 2009, the highest annual increase in labour costs was in Bulgaria, at 15.5 per cent.
Low wages still give Bulgaria outsourcing edge, real estate consultancy says
Jones Lang LaSalle report says Bulgaria is still the most favourable destination in central and Eastern Europe and it will remain to be so – being the cheapest one.
Wage growth outruns labour productivity fivefold
Salaries in Bulgaria and Romania have registered the biggest increase in the European Union in 2008, showed data by Eurostat, the EU's statistical office.
More in this category
Average monthly salary in Bulgaria rose in Q4 2011, statistics institute says
In the fourth quarter of 2011, the average monthly salary increased to 727 leva, 4.9 per cent higher than in Q3, the National Statistics Institute says.
Global food prices rebound, FAO says
For the first time in six months, global food prices rose overall in January 2012, the UN Food and Agricultural Organisation said.
Bulgaria mulls tighter regulation of bank fees - updated
The package will be discussed with the Association of Bulgarian Banks before the amendments are submitted to Parliament.
Bulgarian ICT Watch event in March
Debate at the half-day event will cover what has been achieved so far and what further can be done by the Bulgarian Government to support development of the market.
Movers and shakers
Selectivity, not popularity, is the driving force behind Sofia's most exclusive members' only club.
Appointments
British Council
Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.
CEZ
Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.
BASF Bulgaria
Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.
Rompetrol Bulgaria
Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.
© 2000-2012, Sofia Echo Media Ltd.
Web Design by RIZN
Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted.
Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only
with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site.
Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com.
Sofia Echo Media cannot be held responsible for the statements contained in visitor comments.
The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the
price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes,
and should not be used as a basis for decisions about buying or selling stock options.
- Economedia Group portfolio:
- In Bulgarian:
-
Business:
Капитал,
Кариери,
Пазари,
Ho Re Mag,
Регал,
Градът.bg,
Одит,
Foton.bg,
Online shop
- News: Дневник, Европа, Foreign Policy - България
- IT: IDG.BG, Computerworld, PC World, CIO, Networkworld
- Entertainment: Бакхус
-
In English:
The Sofia Echo
They increased so rapidly because they were so low to start with. I use to employ a man for about €3 a day in Romania.
If Bulgaria higher labor cost increases due to increased productivity and / or better quality of goods and services is the increase in wage costs justifiable. But since I was in Bulgaria, I know that this is not the case. I have never been in a country with such poor service feeling just Bulgaria, and they are investing in production efficiency is quite ossanolikt. Bulgaria will soon be the new Latvia. High wages high inflation, consumption on borrowed money.
Good News for the workers......Short Term
Next comes company overheads now higher than can cope, cheaper foreign imports, cheaper to produce in China, Factory closers down. Watch this space. As cost to produce becomes to high ALL companies look elsewhere for cheaper production, and inevitably end up in the Far East.......