Hourly cost of labor in Romania jumped by 15% in a year

The hourly cost of labor in Romania, adjusted for the number of working days, recorded a growth rate of 15% from the second quarter of 2023 to the same period this year. The growth rate was 6.79% compared to the previous three months.

Compared to the first quarter of 2024, the hourly labor cost (adjusted for the number of working days) increased across all economic activities. The most significant increases were in electricity and thermal energy production and supply, gas, hot water, and air conditioning (19.72%), the mining industry (17.62%), and financial intermediation and insurance (14.08%), according to data reviewed by Economedia.

The smallest increases in the hourly labor cost (adjusted for the number of working days) were observed in hotels and restaurants (1.54%) and real estate transactions (3.82%).

Compared to the previous quarter, the component of direct labor costs (wages) increased by 6.80%, while the component of indirect labor costs (non-wages) increased by 6.51%.

Compared to the same quarter of the previous year, the hourly labor cost (adjusted for the number of working days) also increased across all economic activities. The most significant increases in the hourly labor cost (adjusted for the number of working days) were in education (22.42%), hotels and restaurants (21.67%), and other service activities (20.41%).

Compared to the same quarter of the previous year, the direct labor cost component (wages) increased in the second quarter of 2024 by 15.03%, while the indirect labor cost component (non-wages) increased by 14.51%.

(Photo source: Andrii Yalanskyi | Dreamstime.com)