advertisement
Wed, Jun 19 2013
Increase in labour costs in Bulgaria highest in EU – Eurostat
Bulgarian labour costs increased at the most rapid rate in the European Union, according to EU statistical office Eurostat, comparing figures for the second quarter of 2009 with Q2 2008.
Among EU member states for which data were available for the second quarter of 2009, annual decreases in hourly labour costs were observed in Lithuania (-6.2 per cent) and Estonia (-0.6 per cent). The highest annual increases were in Bulgaria (15.5 per cent) and Romania (11.7 per cent).
The figures were released by Eurostat on September 15 2009. Separate statistics have shown that salaries and wages in Bulgaria are among the lowest, if not the lowest, in the EU.
According to Eurostat, total hourly labour costs in the euro area, the 16 countries using the common European currency, increased by four per cent in nominal terms in the year up to the second quarter of 2009, compared with 3.6 per cent for the previous quarter.
Across the 27 member states of the EU, the annual increase was 3.7 per cent up to the second quarter of 2009, compared with 1.3 per cent for the previous quarter.
The two main components of labour costs are wages and salaries and non-wage costs.
In the euro area, wages and salaries grew by 3.9 per cent in the year up to the second quarter of 2009, and non-wage costs by 4.2 per cent, compared with 3.4 per cent and 4.1 per cent, respectively, for the first quarter of 2009.
In the EU27, wages and salaries rose by 3.6 per cent and the non-wage component by 3.8 per cent. For the previous quarter the corresponding rates were 0.9 per cent and 2.8 per cent.
The breakdown by economic activity shows that in the euro area, hourly labour costs rose by 5.3 per cent in industry, 4.5 per cent in construction and 3.2 per cent in services in the year up to the second quarter of 2009.
In the EU27, labour costs grew by 5.1 per cent in industry, 4.1 per cent in construction and 2.9 per cent in services.
Among EU member states for which data were available for the second quarter of 2009, annual decreases in hourly labour costs were observed in Lithuania (-6.2 per cent) and Estonia (-0.6 per cent). The highest annual increases were in Bulgaria (15.5 per cent) and Romania (11.7 per cent).
The figures were released by Eurostat on September 15 2009. Separate statistics have shown that salaries and wages in Bulgaria are among the lowest, if not the lowest, in the EU.
According to Eurostat, total hourly labour costs in the euro area, the 16 countries using the common European currency, increased by four per cent in nominal terms in the year up to the second quarter of 2009, compared with 3.6 per cent for the previous quarter.
Across the 27 member states of the EU, the annual increase was 3.7 per cent up to the second quarter of 2009, compared with 1.3 per cent for the previous quarter.
The two main components of labour costs are wages and salaries and non-wage costs.
In the euro area, wages and salaries grew by 3.9 per cent in the year up to the second quarter of 2009, and non-wage costs by 4.2 per cent, compared with 3.4 per cent and 4.1 per cent, respectively, for the first quarter of 2009.
In the EU27, wages and salaries rose by 3.6 per cent and the non-wage component by 3.8 per cent. For the previous quarter the corresponding rates were 0.9 per cent and 2.8 per cent.
The breakdown by economic activity shows that in the euro area, hourly labour costs rose by 5.3 per cent in industry, 4.5 per cent in construction and 3.2 per cent in services in the year up to the second quarter of 2009.
In the EU27, labour costs grew by 5.1 per cent in industry, 4.1 per cent in construction and 2.9 per cent in services.
-
Print
-
Send via email
- Translate to
-
Share:
Comments
To post comments, please, Login or Register.
Please read the The Sofia Echo forum comments policy.
Bulgaria records highest labour cost increase in EU
Labour costs in Bulgaria increased by 11.3 per cent on an annual basis, according to a Eurostat report on the fourth quarter of 2009.
Bulgaria, Romania report highest labour cost increases in the EU
Bulgaria and Romania reported highest hourly labour cost increases in the first quarter of 2009, European statistical office Eurostat says.
Wage growth outruns labour productivity fivefold
Salaries in Bulgaria and Romania have registered the biggest increase in the European Union in 2008, showed data by Eurostat, the EU's statistical office.
More in this category
Bulgaria secures one-year extension on Belene loan - minister
The option to postpone the due date was contingent on securing 55 million euro for immediate repayment of the amounts loaned by Belgium's Dexia and Japanese bank Mizuho.
Euro zone unemployment at record high
The Eurostat data agency said that unemployment reached 10.9 per cent in March, up from 10.8 per cent in February. The March figure translates to 17.4 million people unemployed in the euro zone.
Sale of Bulgarian telecom BTC faces cancellation – report
Citing three separate sources familiar with the deal, Capital Daily reports that the creditors found offers submitted by three bidders unsatisfactory.
Raiffeisen takes over Polbank
Eurobank EFG is left with a 30 per cent stake in the merged entity but has said it will exercise its put option on the remaining holding.
Global jobs crisis to continue for some time, ILO report says
The narrow focus of many euro zone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe, said the Director of the ILO Institute for International Labour Studies and lead author of the report, Raymond Torres.
Appointments
Kamenitza
Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.
Employment Agency
Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.
Uniqa
Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.
Beiersdorf
Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.
Hewlett-Packard
Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.
© 2000-2013, Sofia Echo Media Ltd.
Web Design by RIZN
Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted.
Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only
with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site.
Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com.
Sofia Echo Media cannot be held responsible for the statements contained in visitor comments.
The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the
price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes,
and should not be used as a basis for decisions about buying or selling stock options.
- Economedia Group portfolio:
- In Bulgarian:
-
Business:
Капитал,
Кариери,
Пазари,
Ho Re Mag,
Регал,
Градът.bg,
Одит,
Foton.bg,
Online shop
- News: Дневник, Европа, Foreign Policy - България
- IT: IDG.BG, Computerworld, PC World, CIO, Networkworld
- Entertainment: Бакхус
-
In English:
The Sofia Echo
So what is the average hourly salary nowadays?? 0.75Euro/hr?
IF,
your friends are right.
If you take a walk in Sofia, the number of luxury autos will astonish anyone, who's based their expectations on income stats.
We in BG have a long tradition of mistrusting our government and sharing our money with them would be difficult to learn.
The low flat tax, not only helps with business activities, but also makes compliance less painful.
My fear is that as we acquire wealth, the government will acquire "responsibilities" (institutionalized spending habits) and the taxes will go higher. As [...]
Read the full comment we would be already in a tax paying mode, this low flat tax will play the role of effective lure into the trap of higher taxes....
Bulgarian friends say this has mostly to do with a new flat taxation law and better reporting of wages.
Dianne that is very true but BG has a lot to offer, it needs to improve its services and skills base as it stated BG has the lowest paid wages in the EU so the only way is up and good luck to the country.
Double edged sword this one. On one hand its great for workers as they get better wages and a better standard of living. Bad for industry, increased costs and increased cost of manufacturing eventually pushes prices of manufacturing beyong Chinese equivalent....end result....Bulgarian factories close and manufacturing industry dies.....Look at GB for an example.