ECONOMY FINANCE&BANKING

Romania on top of EU labour costs’ growth in Q2

The hourly cost of labour in Romania has recorded the highest growth among the European Union (EU)’s Member States, in the second quarter of 2016, as against the similar period of 2015, say the data released on Friday by the European Office for Statistics (Eurostat).

Thus, the hourly cost of labour in Romania went up by 12pct, well above the 1.4pct recorded in the EU, while in the Eurozone it dropped by 1pct.

The increase of the hourly cost of labour in Romania was mainly due to the 18.9pct advance of the hourly cost of labour in the non-business sector, with a 10pct growth added to the hourly cost of labour in the business sector, in both cases being surges way above the European average.

On economy sectors, the hourly cost of labour in Romania grew by 14.8pct in constructions, 11.6pct in services and 6.9pct in industry.

According to the data released by the National Institute of Statistics (INS), the hourly cost of labour increased by 6.3pct in Q2 against Q1, on gross series, and by 11.95pct as compared to the same period of 2015. As against the same quarter of 2015, in the main economic activities the highest surges in the hourly cost of labour (in series adjusted by the number of working days) are in real estate transactions (26.57pct), health and social care (24.11pct), hotels and restaurants (18.62pct) and education (18.60pct). Only the extractive industry has recorded a 10.01pct decline.

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