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Albania has lowest labor cost in Europe: think tank study

Xinhua, May 4, 2015 Adjust font size:

Albania keeps the lowest labor cost in Europe, which is 2.2 euros (2.46 U.S. dollars) per hour for full time job, according to the most recent study on labor cost in Albania for 2013 by the Albanian Institute of Statistics (INSTAT).

According to the Labor Cost Survey 2013, the average hourly labor cost per employee in full time units in Albania is 2.2 euros, followed by Bulgaria and Macedonia with an average hourly labor cost per employee in full time units respectively 3.4 and 3.5 euros. Compared with the country with the highest average hourly labor cost (Norway 57.1 euros), the average hourly labor cost in Albania only accounts for 3.9 percent of the cost in Norway.

According to the General Director of INSTAT, Gjergj Filipi, labor costs constitute the most important component of the cost of production of goods and services and the corresponding costs of an employer for hiring staff.

Filipi said that the average hourly labor cost per employee in full time units increases with the size of the enterprise. "Economic activities with the lowest average hourly cost for working unit full-time are activities in sanitation, waste management and regulation (210 lek, about 1.68 U.S. dollars), accommodation and food service activities (215 lek) and manufacturing (219 lek)," said Filipi. Endi