What EU country saw the highest increase in hourly wage costs in the third quarter of 2024?

Romania reported the highest increase in hourly wage costs in the European Union in the third quarter of this year, with a 17.1% increase compared to the same period last year, new data from Eurostat has shown.

According to the data, other countries to report a large increase in hourly wage costs included Croatia (+15.1%), Hungary (+14.1%), Bulgaria (+12.7%) and Latvia (+12.6%).

Greece was the only EU country to report a decrease in hourly wage costs since last year, reporting a 2.9% decline in the third quarter of 2024.

Hourly wage costs across the EU

Overall, across the EU, hourly wage costs increased by 5.0% in the third quarter, while in the euro area, the increase was 4.4%.

Hourly labour costs, which incorporate both wages and salaries along with non-wage costs, rose by 5.1% in the EU in the third quarter, and 4.6% in the euro area.

On a sector-by-sector basis, hourly labour costs were up 5.3% in industry, 5.5% in construction and 4.9% in services. The biggest increase in hourly wage costs, meanwhile, was seen in ‘arts, entertainment and recreation’ (+7.0%) and education (+6.2%). Read more here.

Hourly wage cost increases by EU member state, Q3 2024 (%)

NB: The data for Romania, Hungary, Bulgaria, Latvia, Austria, Portugal, Slovakia, Netherlands, Czechia, Ireland, Spain, Cyprus, Malta, Sweden, France, Finland and Belgium is provisional.