Greece Hourly Wage Rates Worst in EU in Q3 2024

Greece occupies the unflattering bottom spot regarding hourly wage rates among EU member states – all recorded increases to varying degrees – in the 3rd quarter of 2024, according to data by the Union’s statistical authority, Eurostat.

Greece posted a 2.9% rate drop, with the European Union average over the same quarter recording a 5.1% rise (4.6% in the Eurozone) in the hourly wage rates, while countries like Croatia and Romania posted 17% and 14% increases.

Greece experienced significant fluctuations in labor costs over recent quarters, as in the third quarter of 2023 it saw a 6.7% increase, followed by a further 9.3% rise in the second quarter of 2024, finally registering a notable reversal dropping in the third quarter of this year.

In contrast, the average hourly labor cost increased across the Eurozone and the European Union in the third quarter of 2024 compared to the same period in 2023:

• Eurozone: A 4.6% increase in hourly labor costs.
• EU: A 5.1% rise in hourly labor costs.

Labor costs are composed of two primary components:

Wages and Salaries: In the Eurozone, hourly wages and salaries rose by 4.4% in Q3 2024 compared to Q3 2023.
Non-Wage Costs: This component saw a sharper increase of 5.2% in the Eurozone.
For the EU, wages and salaries increased by 5.0%, while non-wage costs rose by 5.3%.

These figures highlight diverging trends in Greece’s labor cost dynamics compared to the broader Eurozone and EU, reflecting shifts in economic and employment conditions.

Source: Tovima.com