EU Annual Inflation Slows in March 2024, Bulgaria's Rate at 3.1%
Eurostat's latest report revealed a slowdown in annual inflation across the European Union, with the figure dropping to 2.6% in March 2024 from 2.8% the previous month
In 2020, average hourly labour costs across the economy (excluding agriculture and public administration) are estimated at EUR 28.5 for the European Union and EUR 32.3 within the Euro area. This represents an increase compared to EUR 27.7 for the EU and EUR 31.4 for the Euro area in 2019.
These estimates come from data on labour cost levels published on Wednesday by European official statistics Eurostat.
According to the presented data, the lowest labour costs are in Bulgaria and the highest in Denmark.
Average hourly labour costs in the EU mask significant differences between EU member states, with the lowest hourly labour costs recorded in Bulgaria (only EUR 6.5), followed by Romania (EUR 8.1) and Hungary (EUR 9.9), while the highest were in Denmark (EUR 45.8), Luxembourg (EUR 42.1) and Belgium (EUR 41.1).
Hourly labour costs in 2020 in industry across the EU were EUR 28.8 and EUR 34.8 in the Euro area. In construction, they were EUR 25.6 and EUR 29.0 respectively. For services sector, hourly labour costs in the EU were EUR 28.2 and in the Euro area EUR 31.1. In the mainly non-profit economy (excluding public administration), they were EUR 29.7 and EUR 33.1 respectively.
Eurostat points out that the two main components of labour costs are wages and other expenditures (e.g. for social security contributions from employers). The share of non-wage spending in total labour costs for the EU was 24.5% and 25.0% in the Euro area in 2020.
Between 2019 and 2020, hourly labour costs, expressed in euro, increased by 3.1% in the EU and by 2.9% in the Euro area.
Within the Euro area, hourly labour costs increased in all Member States except Malta (down 4.7%), Cyprus and Ireland (down 2.7%). The largest increases were recorded in Portugal (growth by 8.6%), Lithuania (by 7.5%),Slovakia (by 7%), and the least in Luxembourg (by 0.5%), Finland (by 0.7%) and the Netherlands (by 0.8%).
For non-euro area Member States, hourly labour costs, expressed in national currency, increased in all EU countries in 2020, with the exception of Croatia (down 1%).
The largest increase was recorded in Hungary (jump by 7.9%), followed by Bulgaria (by 7.8%), Czech republic (+7.4%). The least they increased in Sweden (+1.1%) and Denmark (+2.0%).
In 2020, most EU Member States introduced a number of payroll support schemes to alleviate the negative impact of the coronavirus pandemic on businesses and employees. These support schemes were mainly targeted at the so-called reduced working hours and in support of the so-called temporary workforce cuts, wholly or partly offset by governments. These schemes are usually recorded as subsidies (or tax relief) recorded with a negative sign in the labour cost component, excluding wages.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member.
The National Statistical Institute's latest report unveils a marginal annual increase in the income of Bulgarians in 2023 compared to their expenses, marking a reversal of the trend observed in 2022
In a recent interview on Nova TV, former Minister of Economy Bogdan Bogdanov expressed skepticism regarding Bulgaria's prospects of entering the Eurozone at the outset of 2025
In a bid to enhance its energy security and diversify its gas supply sources, Bulgargaz is gearing up for the first deliveries of liquefied gas through the Alexandroupolis terminal, set to commence in May
The path to Eurozone accession for Bulgaria may see a significant milestone in 2025, albeit not at the outset of the year, according to Dimitar Radev, the governor of the Bulgarian National Bank (BNB)
In a latest twist to the unfolding saga of political intrigue, the Sofia City Prosecutor's Office has announced charges against former Interior Ministry Secretary General Zhivko Kotsev, implicating him in an alleged criminal group
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022