site.btaBulgaria Ranks Second in Wage Growth across EU in Q3 of 2023

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%).