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Romania records fourth largest wage rise in EU

Hourly labor costs in Romania rose 4.2 percent in the third quarter against the same period in 2012. Romania’s increase in hourly labor costs – which include wages and salaries, social contributions and employment taxes – was among the largest in the EU, behind Estonia (+8.1 percent), Lithuania (+6.2 percent) and Latvia (+5.9 percent).

In terms of wages, Romania’s increase was also 4.2 percent in Q3 this year, compared Q3 in 2012, alongside a 4.2 percent increase in non-wage labor costs, the Eurostat statistics show.

In the business economy, the hourly wages rose 2.9 percent including a 2.9 percent rise in wages, while in the non-business economy they rose 8.5 percent.

Breaking the Q3 year-on-year rises down by sector, industry saw a 3.7 percent jump in wages, construction a 3.4 percent increase and services a 2.3 percent.

Hourly labour costs in the euro, EA17 countries, rose by 1.0 percent in the year up to the third quarter of 2013, compared with +1.1 percent for the second quarter of 2013.

In the EU28, the annual rise was also 1.0 percent up to the third quarter of  2013, compared with +1.1 percent in the previous quarter. For more information click here

Shaun Turton shaun@romania-insider.com