Business wage costs rise more in Portugal than in the EU
Business wage costs rose by 5.3% in Portugal, exceeding the EU average (4.1%) and the Eurozone average (3.7%).
The wage costs supported by companies for each hour worked increased by 5.3% in Portugal in the second quarter of this year compared to a year ago. According to data released on Tuesday by Eurostat, this increase was higher than the average not only for the European Union (4.1%) but also for the Eurozone (3.7%).
Labour costs are made up of two components: wage costs and other costs.
In the second quarter, wage costs in the Eurozone rose by 3.7% year-on-year, while in the European Union there was an increase of 4.1%. Other costs rose by 3.4% in the single currency area and 3.8% in the EU.
In the same period, Portugal saw wage costs rise by 5.3% and other costs by 5.1% compared to a year ago. This means that Portugal exceeded the EU and Eurozone averages for both indicators.
Among the various Member States, Bulgaria recorded the highest year-on-year increase in wage costs (+13.4%), followed by Hungary (+11.0%). “Three other Member States recorded an increase of 10% or more: Romania (+10.4%), Estonia (+10.3%) and Greece (+10.1%)”, notes Eurostat.
On the other hand, France, Denmark and Malta recorded the smallest increases in wage costs between April and June. These were increases of 1.4%, 1.5% and 1.9%, respectively.
