In 2014, average hourly labour costs in the whole economy (excluding agriculture and public administration) were estimated to be 15,7euros in Cyprus.
According to Eurostat, the statistical office of the European Union,in 2014, average hourly labour costs1 in the whole economy were estimated to be €24.6 in the EU and €29.2 in the euro area.
However, this average masks significant gaps between EU Member States, with the lowest hourly labour costs recorded in Bulgaria (€3.8), Romania (€4.6), Lithuania (€6.5) and Latvia (€6.6) and the highest in Denmark (€40.3), Belgium (€39.1), Sweden (€37.4) and Luxembourg (€35.9).
Between 2013 and 2014, hourly labour costs in the whole economy expressed in euro rose by 1.4% in the EU and by 1.1% in the euro area. Within the euro area, the largest increases were recorded in Estonia (+6.6%), Latvia (+6.0%) and Slovakia (+5.2%). Decreases were observed in Cyprus (-2.8%), Portugal (-0.8%) and Ireland (-0.2%).
ENDS, CYPRUS NEWS AGENCY