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.
Related Posts Plugin for WordPress, Blogger...