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Fri, Feb 10 2012
Increase in labour costs in Bulgaria highest in EU – Eurostat
Bulgarian labour costs increased at the most rapid rate in the European Union, according to EU statistical office Eurostat, comparing figures for the second quarter of 2009 with Q2 2008.
Among EU member states for which data were available for the second quarter of 2009, annual decreases in hourly labour costs were observed in Lithuania (-6.2 per cent) and Estonia (-0.6 per cent). The highest annual increases were in Bulgaria (15.5 per cent) and Romania (11.7 per cent).
The figures were released by Eurostat on September 15 2009. Separate statistics have shown that salaries and wages in Bulgaria are among the lowest, if not the lowest, in the EU.
According to Eurostat, total hourly labour costs in the euro area, the 16 countries using the common European currency, increased by four per cent in nominal terms in the year up to the second quarter of 2009, compared with 3.6 per cent for the previous quarter.
Across the 27 member states of the EU, the annual increase was 3.7 per cent up to the second quarter of 2009, compared with 1.3 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 3.9 per cent in the year up to the second quarter of 2009, and non-wage costs by 4.2 per cent, compared with 3.4 per cent and 4.1 per cent, respectively, for the first quarter of 2009.
In the EU27, wages and salaries rose by 3.6 per cent and the non-wage component by 3.8 per cent. For the previous quarter the corresponding rates were 0.9 per cent and 2.8 per cent.
The breakdown by economic activity shows that in the euro area, hourly labour costs rose by 5.3 per cent in industry, 4.5 per cent in construction and 3.2 per cent in services in the year up to the second quarter of 2009.
In the EU27, labour costs grew by 5.1 per cent in industry, 4.1 per cent in construction and 2.9 per cent in services.
Among EU member states for which data were available for the second quarter of 2009, annual decreases in hourly labour costs were observed in Lithuania (-6.2 per cent) and Estonia (-0.6 per cent). The highest annual increases were in Bulgaria (15.5 per cent) and Romania (11.7 per cent).
The figures were released by Eurostat on September 15 2009. Separate statistics have shown that salaries and wages in Bulgaria are among the lowest, if not the lowest, in the EU.
According to Eurostat, total hourly labour costs in the euro area, the 16 countries using the common European currency, increased by four per cent in nominal terms in the year up to the second quarter of 2009, compared with 3.6 per cent for the previous quarter.
Across the 27 member states of the EU, the annual increase was 3.7 per cent up to the second quarter of 2009, compared with 1.3 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 3.9 per cent in the year up to the second quarter of 2009, and non-wage costs by 4.2 per cent, compared with 3.4 per cent and 4.1 per cent, respectively, for the first quarter of 2009.
In the EU27, wages and salaries rose by 3.6 per cent and the non-wage component by 3.8 per cent. For the previous quarter the corresponding rates were 0.9 per cent and 2.8 per cent.
The breakdown by economic activity shows that in the euro area, hourly labour costs rose by 5.3 per cent in industry, 4.5 per cent in construction and 3.2 per cent in services in the year up to the second quarter of 2009.
In the EU27, labour costs grew by 5.1 per cent in industry, 4.1 per cent in construction and 2.9 per cent in services.
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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.
Bulgaria, Romania report highest labour cost increases in the EU
Bulgaria and Romania reported highest hourly labour cost increases in the first quarter of 2009, European statistical office Eurostat says.
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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.
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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.
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So what is the average hourly salary nowadays?? 0.75Euro/hr?
IF,
your friends are right.
If you take a walk in Sofia, the number of luxury autos will astonish anyone, who's based their expectations on income stats.
We in BG have a long tradition of mistrusting our government and sharing our money with them would be difficult to learn.
The low flat tax, not only helps with business activities, but also makes compliance less painful.
My fear is that as we acquire wealth, the government will acquire "responsibilities" (institutionalized spending habits) and the taxes will go higher. As [...]
Read the full comment we would be already in a tax paying mode, this low flat tax will play the role of effective lure into the trap of higher taxes....
Bulgarian friends say this has mostly to do with a new flat taxation law and better reporting of wages.
Dianne that is very true but BG has a lot to offer, it needs to improve its services and skills base as it stated BG has the lowest paid wages in the EU so the only way is up and good luck to the country.
Double edged sword this one. On one hand its great for workers as they get better wages and a better standard of living. Bad for industry, increased costs and increased cost of manufacturing eventually pushes prices of manufacturing beyong Chinese equivalent....end result....Bulgarian factories close and manufacturing industry dies.....Look at GB for an example.