Hourly labour costs for the whole economy have only increased by just over 3% in the last decade, new figures show.
According to the latest data from the European statistical office Eurostat, the rate of change in hourly labour costs between 2008 and 2018 has only increased by 3.4%.
This figure reflects very small increases between 0.4% between 2008 and 2012, a leap of almost 3% in 2016 and of only 0.4% and 0.1% increases between 2017 and 2018 respectively.
These figures refer to companies with 10 or more employees and exclude Agriculture, Public Administration sectors.
The EU and European Area averages are around double that of Malta in this decade span.
This also places the country far behind the likes of European Member States like Sweden (31.6% – 36.6%), Italy (25.2% – 28.2%) or Luxembourg (32.3% – 40.6%) for example.
However, Malta’s numbers reflect a trend of slow and fluctuating levels in hourly labour costs among South European States like Portugal (12.2% – 14.2%), Cyprus (16.7% – 16.3%) or Spain (19.4% – 21.4%) across the decade period.
The largest hourly wage increases are found in Latvia (+12.9%), Lithuania (+10.4%), Estonia and Slovakia (both +6.8%).