Hourly labour costs shot up by 5.3% in the Eurozone and 5.8% in the EU as a whole in the third quarter of 2023 compared with the corresponding period in 2022, according to data released on Friday by Eurostat.
In Belgium, the increase was 7.9%, significantly higher than that of the Netherlands (6.9%), Germany 5.8%, and France (3.3%).
Within the Eurozone, hourly wages and salaries witnessed a 5.3% increase, whereas non-wage costs ticked up by 5.1% during Q3 2023.
Within the EU, the two chief elements of labour costs climbed by 5.7% and 5.4% respectively.
Labour costs per hour went up by 4.2% in the Eurozone’s non-market economy and by 5.8% in the market economy.
Industries saw an 5.8% increase, construction sector costs jumped by 6.2%, and services registered a 5.7% hike.
The most substantial increases were recorded in Croatia (+16.2%), followed closely by Bulgaria (+15.8%), Hungary (+15.4%), and Romania (+15.1%).
