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Sun, Nov 22 2009
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, 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.
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.
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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 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.