According to Eurostat data released on Friday, Greece has one of the lowest hourly labor costs in the EU, at €16.7.
Labor costs consist of two main components: wages and non-wage costs (such as employer social contributions).
The only countries with lower hourly labor costs than Greece were Bulgaria (€10.6), Romania (€12.5), Hungary (€14.1), Latvia (€15.1), Lithuania (€16.3), and Croatia (€16.5).
In contrast, the highest hourly labor costs are found in Luxembourg (€55.2), Denmark (€50.1), Belgium (€48.2), and the Netherlands (€45.2).
In 2024, the average hourly labor cost across the EU was estimated at €33.5, while in the Eurozone it stood at €37.3, compared to €31.9 and €35.7, respectively, in 2023.