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Labour costs grow 7.1 percent

Total hourly labour costs in Slovakia rose at an annual rate of 7.1 percent in the third quarter of 2007. According to figures released by Eurostat, the Statistical Office of the European Communities, the most significant labour cost growth in Slovakia was posted in the construction sector, where labour costs went up 9 percent, industry 8.1 percent, and services 5.8 percent. The Eurostat figures further show that indirect costs, which include employers' contributions to social and health-insurance funds and employees' personal income tax, grew as much as 7 percent, while direct wage costs on net wages rose 7.2 percent.

Total hourly labour costs in Slovakia rose at an annual rate of 7.1 percent in the third quarter of 2007. According to figures released by Eurostat, the Statistical Office of the European Communities, the most significant labour cost growth in Slovakia was posted in the construction sector, where labour costs went up 9 percent, industry 8.1 percent, and services 5.8 percent. The Eurostat figures further show that indirect costs, which include employers' contributions to social and health-insurance funds and employees' personal income tax, grew as much as 7 percent, while direct wage costs on net wages rose 7.2 percent.

The average y/y growth of hourly labour costs in the 27-member European Union (EU) reached 3.7 percent in Q3 of this year, with industry showing a growth of 3.4 percent, in the construction sector 5.3 percent, and services 3.6 percent. In the thirteen-member Euro-zone hourly labour costs rose 2.5 percent on average, particularly 2.5 percent in industry, 3 percent in construction sector and 2.4 percent in services. Total labour costs comprise employees' wage, including benefits and employers' indirect costs, such as compulsory transfers to social and health insurance funds. SITA

Compiled by Zuzana Vilikovská from press reports

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