Romania, second place as regards wage rise in EU

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Romania won the second position in the European Union (EU) as regards the rise of labour costs in Q2 this year, according to information provided by Eurostat, the European Union’s Statistical Office.
The labour costs grew 23% in Q2, 2008 compared to the same period of the previous year.
 
The entrepreneurs’ costs for labour force are dived into two big categories: wage costs (salaries, bonuses, benefits) and non-salary costs (taxes paid for employees, social contributions, less the subsidies received for employees from the state). Therefore, in the aforementioned period (Q2, 2008 as against Q2 one year ago), wage costs went up 22.9% on the Romanian labour market, whereas non-salary costs grew 23.1%.
 
Although labour costs maintain at high values, businessmen consider they will slow down in the upcoming period. ‘’We estimate the growth pace of costs for labour force will slow down in the upcoming months. The main cause is the setback of business in some fields, which means less new jobs and, implicitly, less spending,’’ Cristian Parvan, general secretary of the Romanian Businessmen Association (AOAR) told daily Business Standard.
 
Returning to the labour costs at the level of the European Union, the first position was held by Latvia, which reported the biggest rise in the labour costs of the EU, of 24.8%. The second place was held by Romania, followed by Bulgaria (with a rise in labour force of 21.9%), Lithuania (18.2%), Estonia (16.9%) and Poland (10%). At the opposite side with the lowest rises in spending are Sweden (2.2%), Malta (1.8%) and Denmark (0.7%).
 
In the European Union on the whole, labour costs grew on average by 3.4%, whereas in the Euro area, workers cost by 2.7% more. The growth pace of labour costs with employees in Romania was almost 8 times faster than in EU. Besides, compared to holder of the last place, Denmark, the growth pace of labour costs in Romania grew 32 times faster.
In terms of sectors, in the European Union, the biggest growth of costs was reported in the constructions sector (4.6%), followed by industry (3.8%) and services (3%).
 
The same hierarchy is maintained in the Euro area, but growth yields are low: constructions (3.8%), industry (3%), services (2.3%). The sector of constructions in Romania had the biggest rise in labour costs in the European Union, namely of 25.7%. Wage costs and non-wage costs alike grew 25.7%.
 
In industry, Romania held the first place as regards the rise in labour force costs. The labour costs in the Romanian industry advanced 25.3% in Q2 this year.
In the field of services, Romania holds the second place. Therefore, in the sector of services, Romania reported the second rise of costs in EU, of 20.3% as against 25% in Q2 2007.
The wage costs grew 20.2% and non-wage costs by 20.7%. The biggest rise occurred in Latvia – 25.6%.
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