Labor Costs Increase by 12% by the End of 2017
Preliminary data of the National Statistical Institute, NSI for the fourth quarter of 2017 indicate that the total hourly labour cost rose by 12.2% compared to the fourth quarter of 2016.
The total hourly labour cost grew by 11.7% in industry, by 11.8% in services and by 11.9% in construction. The breakdown by economic activities showed that the highest annual growths in total labour costs were recorded in ‘Education’ - 20.2%, ‘Other service activities’ - 19.1% and ‘Administrative and support service activities’ - 15.0%.
The lowest increase in total labour costs was observed in ‘Arts, entertainment and recreation’ by 1.1%, ‘Electricity, gas, steam and air conditioning supply’ by 3.7% and ‘Financial and insurance activities’ - 6.9%. In the structure of the total labour costs, the wages and salaries costs per hour worked grew by 12.0% in comparison with a year earlier, while the other (non-wage) costs rose by 13.2%.
Among the economic activities in the fourth quarter of 2017 compared to the fourth quarter of 2016 the growth rate of wages and salaries component ranged from 1.0% in ‘Arts, entertainment and recreation’ to 20.1% in ‘Education’.
- » Finance Minister Goranov: 2 Billion for the F-16 Planes Is a Serious Fiscal Effort, but we Can Afford It
- » Deflation of 0.6% for June
- » Bulgarian Government to Revise Budget to Purchase Eight F-16 Jet Fighters
- » Bulgaria's Finance Minister Seeks State Budget Update to Include F-16 Deal
- » Minister of Finance Vladislav Goranov: Bulgaria Can Pay the F-16 Fighters Transaction at Once
- » Bulgaria Has Fulfilled Practically All Commitments to Enter ERM ll