Cyprus Experiences Hourly Labor Cost Decline
As reported by Eurostat, Cypriot total hourly labor rates decreased by 6.9% in the first three months of the year, in comparison to the same time frame last year.
In the same period, the European Union's average costs increased by 1.2%, while Eurozone pricing felt a 0.9% enlargement.
Cyprus' cuts were the result of a 7.9% pay decrease, along with 1.2% in non-wages. A 3.4% reduction was felt in the construction sector, a 3.3% loss was experienced in the industrial sector, and a 7.5% slash occurred in the services sector.
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