Eurostat, the statistical office of the European Union, has recently presented its findings regarding average hourly labour costs across the EU and the euro area for the year 2023. According to the report, the estimated average hourly labour costs were €31.8 in the EU and slightly higher at €35.6 in the euro area.

The data showcases notable variations in labour costs across different EU member states. Countries like Luxembourg (€53.9), Denmark (€48.1), and Belgium (€47.1) recorded the highest hourly labour costs, while Bulgaria (€9.3), Romania (€11.0), and Hungary (€12.8) reported the lowest. Notably, Ireland witnessed an increase in average hourly labour costs, rising from €38 in 2022 to €40.2 in 2023.

It's important to note that labour costs encompass both wages and salaries, as well as non-wage costs such as employers' PRSI (Pay Related Social Insurance). These figures provide valuable insights into the economic landscape and the competitiveness of various EU economies. Eurostat's report serves as a crucial resource for policymakers, businesses, and analysts to better understand and navigate the complexities of labour markets within the European Union.

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