Eurozone’s hourly labor costs increase 4.7% annually in Q2

By Emir Yildirim

ISTANBUL (AA) - The eurozone’s hourly labor costs increased 4.7% on an annual basis in the second quarter of the year, according to the region’s statistical bureau on Monday.

Eurostat said that the costs of hourly wages and salaries soared 4.5% while the non-wage component increased 5.2% year-on-year.

In the eurozone, hourly labor costs in industry rose 4.8%, construction 5.3%, and services 4.5% on an annual basis in the second quarter of the year.

The highest increase in hourly wage costs was seen in Croatia (17.6%), followed by Bulgaria (15.4%), Romania (15%), and Poland (13%).

The eurozone/euro area, or EA19, represents member states that use the bloc’s single currency, the euro, while the EU27 includes all member countries.

As for the EU, hourly labor costs posted an increase of 5.2% year-on-year in the second quarter of 2024, with labor costs in industry climbing 5.3%, construction 5.8%, and services 4.9%.