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Wage costs drop in first quarter

Labour costs in Cyprus fell 6.9 per cent in the first quarter of this year, Eurostat said on Tuesday.

The cost of labour in the eurozone and in the EU increased, by 0.9 per cent and 1.2 per cent respectively on average, the figures showed.

The Cyprus decrease, which was the largest in both the eurozone and the EU resulted from a fall of 7.9 per cent in wage costs on average.

In the industrial sector, labour costs decreased by 3.3 per cent, in construction 3.4 per cent and in the services sector 7.5 per cent.

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