ECONOMY FINANCE&BANKING

INS: Hourly labour cost surges 1.29 pct in Q4 of 2017

The hourly labour cost in adjusted form (depending on the number of working days) increased in Q4 of 2017 by 1.29 percent compared to the previous three months and by 14.29 percent compared to the same quarter of the previous year, the National Institute of Statistics (INS) informs.

In gross series (non-adjusted), the variation of the hourly labour cost saw a similar trend as the adjusted series (with increases by 2.37 percent and 15.65 percent, respectively).

Compared to Q3, the hourly labour cost (adjusted series, depending on the number of working days) increased for all economic operations.

The most significant increases were recorded in extractive industry (14.32 percent), real estate transactions (8.8 percent) and financial intermediation and insurance (7.17 percent).

The highest fall in the hourly labor cost (adjusted series, according to the number of working days) took place in education (-24.1 percent), as a result of the increase in the time actually worked compared to the previous quarter (a phenomenon characteristic of this activity in Q4 of each year, caused by the resumption of the school year).

In Q4 of 2017, the increase in direct labor cost (for indicators adjusted according to the number of working days) stood at 1.22 percent compared to the previous quarter, and indirect labour cost (non-wage) stood at 1.57 percent. The increases recorded by the two components – for gross indices (non-adjusted) were 2.34 percent and 2.49 percent, respectively.

Compared to the same quarter of the previous year, the hourly labor cost increased in all economic activities. On the main activities of the economic sector, the highest increases in the hourly labor cost (adjusted according to the number of working days) were recorded in performance, cultural and recreational activities (28.73 percent), extractive industry (21.56 percent) and in administrative and support service activities (16.61 percent), mainly due to the application of legal provisions in the area.

The smallest increases were registered in real estate transactions (6.78 percent), in professional, scientific and technical activities (6.63 percent) and in the production and supply of electric and thermal energy, gas, hot water and air conditioning (6.49 percent).

In the budget sector there were increases in the hourly labor cost (adjusted after the effect of working days) as a result of implementing the legal provisions for the staff paid from public funds, as follows: in public administration – 27.58 percent, in healthcare and social assistance 18.56 percent and in education 16.81 percent.

Compared to the same quarter of the previous year the increase in in direct labor cost (for indicators adjusted according to the number of working days) was of 14.24 percent, and for gross (non-adjusted) indices it was 15.65 percent. The indirect labour costs (non-wage) component recorded similar increases (14.48 percent and 15.64 percent, respectively).

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