Significantly higher than its average is the increase in working costs in Greece in the 4th quarter of 2023, according to data announced on Tuesday (19.3.2024). Specifically, Greece’s nominal increase in hourly labour costs increased at a rate of 6.4% on an annual basis compared to an increase of just 3.4% at the Eurozone level. At the European Union level of 27 Member States, the rate of increase in wage costs was 4%. As Eurostat reports, the two main components of labour costs are wages and wages and non-wage costs. In the Eurozone, in the fourth quarter of 2023 compared to the same quarter last year, the cost of hourly and wage wages increased by 3.1%, while the non-wage item increased by 4.2%. In the EU, in the fourth quarter of 2023 compared to the same quarter last year, the cost of hourly wages and the non-wage item increased by 4.6%. At Greece level, wage costs increased by 6.1% and non-wage to 7.4%. In the fourth quarter of 2023 compared to the same quarter of last year, the highest hourly wage increases for the entire economy were recorded in Romania (+16.9%), Hungary (+16.3%), Croatia (+16.0%). , Poland (+13.1%) and Slovenia (+12.5%). Four more EU Member States recorded an increase of over 10%, namely Bulgaria (+11.9%), Lithuania (+11.2%), Latvia (+11.1%) and Estonia (+10.9%).
Double from the Eurozone the increase in labour costs in Greece in the 4th quarter of 2023
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