first_imgHOURLY labour costs in Cyprus dropped 7.6 per cent year-on-year in the third quarter of the year, the European statistical service Eurostat said yesterday.Hourly labour costs in the euro area (EA17) rose by 1.0 per cent in the year up to the third quarter of 2013, compared with +1.1 per cent for the second quarter of 2013. It was their slowest pace in three years in the three months to September, Eurostat said, in a sign the cost competitiveness of eurozone countries was improving.In the EU28, the annual rise was also 1.0 per cent up to the third quarter of 2013, compared with +1.1 per cent in the previous quarter.Labour costs in Cyprus’ construction industry dropped by 6.1 per cent, compared with a reduction of 0.2 per cent in the eurozone and 0.2 per cent in the EU.In the service sector, labour costs fell 5.5 per cent against a 1.0 per cent rise in the eurozone and 1.0 per cent in the EU.The two main components of labour costs are wages and salaries and non-wage costs.Wage costs in Cyprus dropped 7.7 per cent and non-wage fell 6.7 per cent.In the euro area, wages and salaries per hour worked grew by 1.3 per cent and the non-wage component by 0.4 per cent in the year up to the third quarter of 2013, compared with +1.4 per cent and +0.3 per cent respectively for the previous quarter.In the EU28, hourly wages & salaries rose by 1.2 per cent and the non-wage component by 0.3 per cent in the year up to the third quarter of 2013, compared with +1.3 per cent and +0.5 per cent respectively for the second quarter of 2013.You May LikeLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoYahoo SearchBack Pain Treatments That Might Surprise You. Search For Back Pain TreatmentsYahoo SearchUndo Pensioner dies after crash on Paphos-Polis roadUndoCruise passenger airlifted to Paphos hospitalUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img

Leave a Reply

Your email address will not be published. Required fields are marked *