EnetEnglish.gr, 21:04 Thursday 27 March 2014
Greek labour costs now half eurozone average
Cost of employing someone in Grece falls by a fifth since 2008
Greece's hourly labour costs are now rank 16th out of 28 countries: in Greece, it costs on average €13.60 to employ someone per hour, half of the European Union average of €23.70
The data from Eurostat, the EU's statistical arm, found that the labour cost per hour in Greece fell from €16.70 in 2008 to €13.60 in 2013, a decrease of 18.6%. That puts the labour costs in Greece far below the eurozone average of €28.20 and more than half of EU average of €23.70.
Greece's hourly labour costs are now rank 16th out of 28 countries.
Greece was one of only five other EU countries, among them Hungary (-5.2%) and Portugal (5.1%), to experience a fall in labour costs in the same period. In all the others, labour costs increased. On average, the hourly labour costs rose by 10.2% in the 28 members of the EU and by 10.4% in the eurozone.
Within the eurozone, the largest increases were recorded in Austria (+18.9%), Slovakia (+17.0%) and Finland (+15.9%)