Labor Costs in Greece Well Below EU Average



The average hourly labor cost in Greece in 2017 was €14.5 ($17.8), according to figures released by Eurostat, well below the EU average of €26.8.

This was also less than the average for the eurozone (€30.3) but significantly higher than the average rate in several EU member states such as Bulgaria (€4.9), Romania (€6.3) and Lithuania (€8.0).

In contrast, the highest hourly labor cost was in Denmark (€42.5), Belgium (€39.6) and Luxembourg (€37.6).

According to Eurostat, the data came from businesses with at least 10 employees and did not include those working in agriculture or in the public sector.

The hourly labor cost in Greece rose in 2017 compared with 2015 (€14.1) and 2016 (€14.2) but remained lower than in 2008 (€16.8).

The non-wage cost of labor (mainly employers’ social contributions plus employment taxes) in 2017 was 25.7 percent of total cost, or roughly the same as the Eurozone average (25.9 percent).

The highest hourly labor cost in Greece in 2017 was in industry (€15.3), while hourly labor cost was €14.3 in the service industries and €10.2 in construction.

(Source: AMNA)