Back
Register for SMS Alerts
or enter your details manually below...
First Name:
Last Name:
Email:
Password:
Hometown:
Birthday:
Sorry, we couldn't find that email.
Existing users
Email
Password
Sorry, we couldn't find those details.
Enter Email
Sorry, we couldn't find that email.

Annual growth in hourly labour cost at 2.3%

Constuction registers 0.1% increase over same period last year, far from the EU28’s average rise of 3.1%

paul_cocks
Paul Cocks
20 March 2017, 11:51am
The 0.1% increase in the hourly labour cost in construction in Malta was far from the EU average of 3.1%
The 0.1% increase in the hourly labour cost in construction in Malta was far from the EU average of 3.1%
Hourly labour costs rose by 2.3% in Malta the fourth quarter (Q4) of 2016, compared with the same quarter last year, with the biggest rise (4.9%) registered in the (mainly) non-business economy.

The labour costs rose by 1.8% in industry, by 0.1% in construction, and by 0.7% in services, according to data released by the National Statistics Office.

In the EU28, all the member states of the European Union, the hourly labour cost rose by an average of 1.7% in Q4 of 2016, compared with the same quarter of the previous year.

The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, comprised of 19 countries, wages & salaries per hour worked grew by an average of 1.6% and the non-wage component by 1.5%, in the fourth quarter of 2016 compared with the same quarter of the previous year.

In the EU28, hourly wages & salaries rose by 1.8% and the non-wage component by 1.5% in the fourth quarter of 2016. In the third quarter of 2016, annual changes were +1.9% and +1.4% respectively.

The increase registered by Malta in industry was close to the EU average, but the 0.1% increase in the hourly labour cost in construction was far from the EU average of 3.1%.

Job vacancy rates

In the same period, Eurostat reports, the job vacancy rate in the EU28 was 1.8%, stable compared with the previous quarter and up from 1.7% in the fourth quarter of 2015.

In Malta, the rate was 2.5%, down from 3.3% in the previous quarter but up from 2.1% in Q4 of 2015. Malta’s data, however cannot be compared to that EU average, since the country only surveys units with 10 employees or more.

The job vacancy rate (JVR) measures the proportion of total posts that are vacant, expressed as a percentage, with a job vacancy being defined as a paid post (newly created, unoccupied or about to become vacant) for which the employer is taking active steps to find a suitable candidate from outside the enterprise concerned and is prepared to take more steps and which the employer intends to fill either immediately or in the near future.

paul_cocks
Paul Cocks joined MaltaToday after having spent years working in newspapers with The Times...
DealToday
Latest Business News
Business Comment 18-08
European stocks broke a three-day winning run Thursday, with bank shares being held back by doubts on further US interest rate hikes be...
Law Report 18-08
A judgment is not null and void if the Court fails to mention all the articles of law in its conclusion, but are mentioned in other par...
Business Comment 17-08
Global markets were higher on Wednesday as geopolitical tensions regarding North Korea eased, and as investors tracked a muted performance o...
Business Comment 16-08
US stocks edged higher on Tuesday, with major indexes heading for a third straight gain, as tensions between the US and North Kore...
Business News 15-08
The European Central Bank faces a legal challenge over its €2 trillion quantitative easing programme after Germany’s highest cour...