Average hourly wage in Europe: country rankings and dynamics for 2022
For entrepreneurs and employees, one of the most important questions is what salaries can be expected in Europe in 2022. According to Eurostat, the average hourly wage for labor in Europe was €30.5 in the EU and €34.3 in the eurozone. But which countries have the lowest and highest wages? Let’s take a closer look.
Average wages for labor can vary greatly in different European countries. Eurostat’s map shows that the lowest wage levels are found in Bulgaria and Romania, where the hourly wage for labor is €8.2 and €9.5, respectively. At the same time, the most expensive labor is found in Luxembourg, Denmark, and Belgium, where the hourly wage is €50.7, €46.8, and €43.5, respectively.
The hourly cost of labor in Europe as of 2022 is shown on Eurostat’s map.
Lowest Wages in Europe
Average wages for labor can vary greatly in different European countries. The lowest wage level is found in Bulgaria and Romania, where the average hourly wage for labor is €8.2 and €9.5, respectively.
|Average hourly wage, €
The Highest Wages in Europe
On the other hand, there are countries where labor is very expensive. In Luxembourg, for example, the average hourly wage for workers is €50.7, which is the highest in Europe. High figures in this statistic are also found in Belgium (€43.5/hour) and Denmark (€46.8/hour).
|Average hourly wage, €
The Dynamics of Labor Costs in Europe
How does labor compensation change in Europe over time? According to Eurostat, in 2022, labor costs increased on average by 5% compared to 2021. This may be due to inflation, an increase in the minimum wage, and other factors.
The average hourly wage for workers in Europe in 2022 was €30.5 in the EU and €34.3 in the eurozone. However, as we can see, the situation varies greatly in different countries: in Bulgaria and Romania, the average salary is very low, while in Luxembourg, Denmark, and Belgium, it is very high. Although labor costs in Europe are increasing overall (by 5% in 2022), this may affect both the financial state of companies and workers.
Despite the fact that Europe is one of the most developed regions in the world, the level of labor compensation varies significantly across different European countries. For example, Scandinavian and Western European countries often lead in terms of wages, while in Eastern European countries, salaries are significantly lower.
Labor compensation is not only an indicator of a country’s economic development, but also a reflection of the social policies of the authorities. A high level of labor compensation is intended to ensure a decent standard of living for citizens, protect their rights and interests, and stimulate the country’s economy.
Overall, the average level of labor compensation in European countries is quite high by world standards, but differences between countries and regions continue to be significant. It is important for entrepreneurs to take this factor into account when planning their business and choosing a location for its development.