Labor costs up 3.7% in euro area, 4.3% in EU

Highest increases in hourly wage costs seen in Croatia, Poland, Romania, and Bulgaria

By Gokhan Ergocun

ISTANBUL (AA) - In the last quarter of 2024, hourly labor costs rose 3.7% in the euro area and 4.3% in the EU, versus the same quarter in 2023, Eurostat said on Wednesday.

In the euro area, the costs of hourly wages and salaries jumped 4.1%, while the non-wage component climbed 2.6%.

On the EU side, the costs of hourly wages and salaries rose 4.7% and the non-wage component gained 3%.

The highest increases in hourly wage costs for the whole economy were seen in Croatia (13.9%), Poland (13.8%), Romania (13.1%), and Bulgaria (13%).

Three more EU member states saw increases of 10% or more: Hungary (11.9%), Latvia (11.4%), and Lithuania (10.7%).

The eurozone/euro area, or EA20, represents member states that use the bloc’s single currency, the euro, while the EU27 includes all member countries.

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