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Bulgaria is the record holder for the increase in salaries, Romania breathes dust on us…

Bulgaria and Hungary are the countries in the EU that recorded the largest increase in hourly wage costs in the third quarter of this year. This is according to Eurostat data cited by NOVA.

In the third quarter of 2022, compared to the same quarter of the previous year, the largest increase in hourly wage costs for the entire economy was reported in Hungary (+16.6%) and Bulgaria (+16.3%). Other EU countries that recorded an increase of over 10% are Lithuania (+13.9%), Poland (+13.3%), Greece (+11.6%).

The increase reported by Bulgaria is over 5% greater than that of Romania (+10.9%), with which we entered the EU together in 2007.

Labor wages in our country rose by 14.6% in the second quarter and 12.7% from the first quarter of 2022. In the third quarter of this year hourly labor costs in the EU as a whole increased by 3.4% compared to the same quarter of the previous year.

The two main components of labor costs are wages and salaries on the one hand and non-wage costs on the other.

In the EU, hourly wages and salaries increased by 2.8% and the non-wage component by 5.3% in the third quarter of 2022. Hourly labor costs in the EU increased by 3.8% in the sectors, other than the business environment, and by 3.3% in the business economy: in industry – +1.9%, in construction – +3.1%, in services – +3.9%.

The economic activities that saw the largest annual growth in hourly wage costs in the EU were “Extractive Industry” (+16.8%), “Culture, Entertainment and Leisure” (+12.5%) and “Hospitality and Restaurant ” (+12.5 %).

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