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One of the most important parameters that measures investment attractiveness of a given country or region, are labour costs. Labour costs in the EU increase by approximately 2-3% annually; but have been growing much more rapidly among the new EU members, particularly in countries where a high economic growth rate is recorded. Last year in Lithuania the rate rose by 19%, in Estonia and Latvia by 15% and 13% respectively and in Poland by app. 4%. However, the differences between countries remain large. In the wealthiest countries of the old EU, an hour’s labour costs 25 to 30 EUR on average, in Poland it’s less than 5 EUR.
Poland’s employment costs are among the lowest in the whole of Europe. The country’s wage costs are not only lower in comparison to western Europe, but also when compared to Slovenia, Estonia, Slovakia, the Czech Rep., Hungary and Latvia. Lower employment costs in national average incomes can only be found in Ireland, Greece and in Italy. When compared to Central and Eastern Europe, lower employment costs are only to be found in Rumania. Lithuania and Bulgaria have similar wage levels to Poland.
The most attractive cities in terms of labour costs
|
City |
Rating 2010 |
|
Warsaw |
1.42 |
|
Bratislava |
1.40 |
|
Lisbon |
1.23 |
|
Istanbul |
1.21 |
Source: European Cities Monitor 2010, Cushman & Wakefield;
Unemployment and effectiveness
According to the Central Statistical Office (GUS) the average gross monthly remuneration in the national economy amounted to PLN 3,224.98 in 2010, which is 3.9% more than in 2009. In the budgetary sphere (i.e. in the public and self-government spheres altogether) the average remuneration PLN 3,503.20, whereas in the private sector it reached PLN 3,434.62.
According to the same source the gross value added in the 4th quarter 2010 increased by 3.8% in comparison to the corresponding period of the previous year (in the construction by 6.6%).
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