With an hourly labor cost of 15.7 euros, Greece ranks among the European countries included in the second “cheapest” tier in the EU27, placing it significantly lower (23rd) than the bloc’s average of 24 euros per hour, according to figures released by Europe’s statistical authority, Eurostat.
The average hourly labor cost in the economy was calculated at 31.8 in the EU and 35.6 euros in the Eurozone for 2023, compared to 30.2 euros and 34.0 euros respectively in 2022, as the data shows.
In contrast, the countries that posted the highest hourly labor costs are Luxembourg (53.9 euros), Norway (51.9 euros), Iceland (49.7 euros), and Belgium (47.1 euros), exceeding the EU 45-euro average, while on the lower end countries with costs below 15 euros are Bulgaria (9.3 euros), Romania (11 euros), and Hungary (12.8 euros).
In 2023 compared to 2022, the hourly labor cost in terms of the overall economy, expressed in euros, increased by 5.3% in the EU and by 4.8% in the eurozone.
Within the eurozone, the hourly labor cost increased in all countries. The largest increases were recorded in Croatia (+14.2%), Lithuania (+12.4%), and Estonia (+11.7%).
For EU countries outside the common currency bloc, the eurozone, the hourly labor cost expressed in national currencies increased in 2023 in all countries, with the largest increases recorded in Hungary (+17.0%), Romania (+16.5%), Bulgaria (+14.0%), and Poland (+12.4%).
The two main components included in the measurement of labor costs are wages and non-wage costs (e.g., employer social contributions). The share of non-wage costs in the total labor cost for the entire economy was 24.7% in the EU and 25.5% in the eurozone.
Source: tovima.com
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Bank of Greece Governor Says EU will Retaliate to Trump’s Tarrifs
The Bank of Greece Governor defended the independence of central banks amid criticism from U.S. President-elect Donald Trump, who had publicly commented on Federal Reserve Chair Jerome Powel
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents
Thousands Strike in Athens Over Soaring Living Costs and Stagnant Wages
Inflation, particularly in food prices, has been crushing Greek households
Greece Overhauls Property Valuation System
Greece plans to launch a revamped property value registry in 2025 and overhaul the way objective values are calculated to enhance tax revenue and improve transparency.
Greece’s New Tax Bill Foresees Tax Relief Beyond Big Business
Tax relief measures in Greece are proposed for freelancers, property owners and farmers, along with 'big business'
Unions Call Nationwide Industrial Strike for Wed.
Mass transits are usually affected, especially in the greater Athens-Piraeus area, although bus and metro services are curtailed but not fully halted
![Τουρισμός: Πάνω από 5 εκατ. αφίξεις σε καταλύματα τον Σεπτέμβριο [γραφήματα]](https://www.ot.gr/wp-content/uploads/2021/10/katalymata-90x90.jpg)
