In the first quarter of 2024, hourly labour costs increased by 5.1% in the eurozone and by 5.5% in the EU compared to the same quarter of the previous year. This is according to figures published by Eurostat, the statistical office of the European Union, on Monday.

In Romania, these labour costs rose by 15.8% in the 1st quarter compared to the same period in 2023, while in Bulgaria the increase was 15.8%. Croatia followed with an increase of 15.2%, after the country recorded an annual increase of 15.62% in Q4 2023.

Poland, Hungary, Latvia, Slovakia and Lithuania also recorded double-digit increases. The smallest increase of 2.3% and 2.5% was recorded in Belgium and Denmark respectively.

The two main components of labour costs are wages and salaries and non-wage labour costs.

In the eurozone, hourly labour costs increased by 5.3 in the first quarter of 2024 compared to the same quarter of the previous year, while non-wage labour costs increased by 4.5%. In the EU, hourly labour costs rose by 5.8 and non-wage labour costs by 4.8 in the first quarter of 2024 compared to the same quarter of the previous year.