Hourly labour costs in Greece fell 3.7 pct in the second quarter of 2011, compared with the previous quarter, Eurostat said on Friday. The EU executive’s statistics agency, in a report, said that the euro area1 rose by 3.6 percent in the year up to the second quarter of 2011, compared with 2.7 percent for the previous quarter.
In the EU27, the annual rise was 3.4 percent up to the second quarter of 2011, compared with 2.3 percent for the previous quarter, the EU executive's statistics.
The two main components of labour costs are wages and salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 3.5 percent in the year up to the second quarter of 2011, and the non-wage component by 4.3 percent, compared with 2.3 percent and 3.5 percent respectively for the first quarter of 2011. In the EU27, hourly wages and salaries rose by 3.2 percent and the non-wage component by 3.9 percent in the year up to the second quarter of 2011, compared with 1.9 percent and 3.0 percent respectively for the first quarter of 2011.
The breakdown by economic activity shows that in the euro area hourly labour costs rose by 4.5 percent in industry, 2.9 percent in construction and 3.2 percent in services in the year up to the second quarter of 2011. In the EU27, labour costs per hour grew by 4.3 percent in industry, 2.8 percent in construction and 3.0 percent in services.
Among the member-states for which data are available for the second quarter of 2011, the highest annual increases in hourly labour costs were registered in Bulgaria (+12.4 percent), Romania (+7.2 percent) and Slovakia (+6.5 percent). Annual decreases were observed in Greece (-3.7