Average hourly labor costs in Latvia increased 4.3% in the second quarter of 2013, compared to the respective period in 2012 – the fourth steepest increase across the European Union, according to the latest data from the EU's statistical office Eurostat. The steepest increases in average hourly labor costs in the second quarter of 2013 were recorded in Estonia – 7.7%, Lithuania – 6.5%, and Romania – 6%, writes LETA.
Reductions in average hourly labor costs were registered only in Slovenia – 5.9%, Cyprus – 4.6%, Croatia – 0.6%, and Spain – 0.3%.
Overall, average hourly labor costs increased 0.9% in the EU and the eurozone in the second quarter of 2013.
In the EU, average hourly labor costs increased 1.7% in industry, 0.4% in construction and 0.9% in services.
In Latvia, average hourly labor costs grew 5% in industry, 8.5% in construction and 3.5% in services.