Bulgarian Businesses Report Higher Labor Costs in Q1 2014
The total hourly labor cost has risen by 3.6% in Q1 2014 compared to the same period of 2013, according to the preliminary data of Bulgaria's National Statistical Institute.
The total hourly labor cost grew by 5.1% in industry, by 1.3% in services and by 4.4% in construction, the NSI reports.
The breakdown by economic activities showed that the highest annual growths in total labor costs were recorded in the sectors of Water supply, sewerage, waste management and remediation activities - 10.6%, Administrative and support service activities – 9.1%, and Mining and quarrying – 8.0%.
A decrease in total labor costs was observed in real estate activities by 16.4% and in professional, scientific and technical activities by 4.3% .
In the structure of the total labor costs, the wages and salaries costs per hour worked have gown by 2.9% in comparison with a year earlier, while the other (non-wage) costs rose by 7.5%.
Among the economic activities in the first quarter of 2014 compared to the first quarter of 2013 the growth rate of wages and salaries component ranged from -17.7% in real estate activities to 9.4% in water supply, sewerage, waste management and remediation activities.
- » 57% of Bulgarian Companies to Pay Christmas Bonuses
- » Bulgaria Should Be Year-Round Tourist Destination – Minister
- » Foreign Ministers of Serbia, Hungary Cite South Stream as Project of Mutual Interest
- » Bulgaria’s Advance Properties Acquires 100% Stake in Pharmaceutical Co Huvepharma
- » President Plevneliev Invites Polish Businesses to Invest in Bulgaria
- » Bulgaria C-Bank Governor 'Likely to Resign end-November'