Salaries shrink while unemployment rate increases!

According to Eurostat, the 12-month rate fall from 1.8% in the first quarter to 1.1% in the second quarter of 2013 in the euro area. At the same time, consumer price inflation formed to 1.4%.

The statistics show that Cyprus has recorded one of the biggest salary decreases in Eurozone, in the region of -4,6%. The Cypriot sectors that noted the biggest decrease in hourly labor costs are the indistrual (-6.1%), the construction (-5.6%) and services (-1,7%).

Regarding Greece, data are not available yet for the second quarter but regarding the firs t one, Greek salaries were decreased by 10%!

Generally in the Eurozone, the highest annual increase in hourly labor costs for the whole economy were registered in Estonia, (7.7%), Lithuania (6,5%) and Romania (6,0%). The biggest decreases among with Cyprus were Recorded in Slovenia (-5,9%), Croatia (-0.9%) and Spain (-0.3%).

At the same time, according to Eurostat, unemployment rate in Eurozone remained steady at 11.1%. A possible explanation for this is the fact that many countries had job openings in tourism industry and this has limited the unemployment rate as a whole.

According to the same data, the countries who have recorded the largest increase in unemployment were Cyprus (from 12%.2 to 17.3%), Greece (from 23.8% to 27.6%) and Slovenia (from 9.3% to 11.2%). On the other hand, Austria, Germany and Luxembourg have achieved to decrease their unemployment rate and appear to be at the bottom of the list with 4.8%, 5.3% and 5.7% respectively!.

Currently in EU, there are 26.8 million people registered as unemployed while in the 17 countries that are using euro the number is 19,2 million.
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