site.btaBulgaria Ranks Second in Wage Growth across EU in Q3 of 2023
![Bulgaria Ranks Second in Wage Growth across EU in Q3 of 2023](/upload/255067/9c5a22c020a04196aecdcad930542f5e-e0c7e17db9f947f5a3d9c946757b9e22-cef06f56a4cb45fdaf39e9c6ea48f832-b3678.jpg?l=1000)
![Bulgaria Ranks Second in Wage Growth across EU in Q3 of 2023](/upload/255067/9c5a22c020a04196aecdcad930542f5e-e0c7e17db9f947f5a3d9c946757b9e22-cef06f56a4cb45fdaf39e9c6ea48f832-b3678.jpg?l=1000&original=)
In the third quarter of 2023 compared with the same quarter of the previous year, the highest increases in hourly wage costs across EU countries were recorded in Croatia (+16.2%), Bulgaria (+15.8%), Hungary (+15.4%) and Romania (+15.1%), show latest figures published by Eurostat on Friday. Four more EU Member States recorded an increase above 10%, namely: Latvia (+12.4%), Poland (+12.2%), Lithuania (+11.2%) and Estonia (+11.0%).
In the third quarter of 2023, the hourly labour costs rose by 5.3% in the euro area and by 5.7% in the EU, year-on-year.
The two main components of labour costs are wages and non-wage costs. In the euro area, wages and salaries per hour worked increased by 5.3%, while non-wage costs rose by 5.1% in the third quarter of 2023, compared with the same quarter of the previous year. In the EU, hourly wages and salaries increased by 5.8% and the non-wage component rose by 5.4%, year-on-year.
Wage costs
In the EU, the economic activities that recorded the highest annual increases in hourly wage costs are in the ‘Electricity, gas, steam and air conditioning supply’ sector (+7.3%) and ‘Administrative and support service activities’ (+7.1%). The lowest annual increase was recorded in the ‘Real estate activities’ sector (+2.6%).
Non-wage costs
The economic activities with the biggest annual increases in the non-wage component were: ‘Mining and quarrying’ (+9.5%) and ‘Construction’ (+8.7%). The lowest annual increase was recorded in ‘Real estate activities’ (+2.2%).
/DT/
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