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January 16, 2021
ECONOMY FINANCE&BANKING

Hourly labour costs advance 9.73pc in Q1, 2016 from Q1, 2015

Hourly labour costs in Romania declined 2.87 percent in Q1, 2016 from Q4, 2015, and advanced 9.73 percent from Q1, 2015, the National Institute of Statistics (INS) reported on Monday.
‘Hourly labour costs in Q1, 2016 adjusted for working days were down 2.50 percent from the preceding quarter and up 10.36 percent from the same quarter of 2015. In unadjusted terms, in the same comparison periods, the variations differed insignificantly from the adjusted terms -2.87 percent and 9.73 respectively,’ the statement reads.
Compared with Q4, 2015, the hourly labour costs adjusted for working days were down in most economic fields. The most significant drops, according to INS, were reported electricity, gas, steam and air conditioning supply (-11.12 percent), financial and insurance activities (-11.10 percent) and in other service activities (-10.17 percent).
The highest increases in the hourly labour costs adjusted for working days were reported in real estate transactions (5.84 percent), education (4.71 percent) as well as accommodation and food service activities (4.45 percent).
‘The quarterly drops in Q1, 2016 in terms adjusted for working days in direct costs (wages) related to the workforce was 2.49 percent, while indirect costs (non-wage) was 2.53 percent. The drops in the two components in unadjusted terms were 2.86 percent and 2.90 percent, respectively,’ according to INS.
In the first three months of 2016 compared with the first three months of 2015, the highest increases in hourly labour costs adjusted for working days were reported in education (23.07 percent), healthcare and social security (22.30 percent) and real estate transactions (19.12 percent). The lowest increase was in electricity, gas, steam and air conditioning supply (1.10 percent).
‘The rises in the hourly labour costs in the public sector were mainly the result of the implementation of wage legislation – Law 293/2015 approving emergency ordinance 35/2015 amending and supplementing emergency ordinance 83/2014 on public pay in 2015. The increase from the first quarter of 2015 in adjusted terms for working days in direct costs (wages) was 10.38 percent, while in unadjusted terms it was 9.75 percent. Indirect costs (non-wages) reported similar rises 10.33 percent and 9.69 percent, respectively, according to INS.

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