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Improvement in Unit Labour Cost Position in 2021

Author

Listed:
  • Benjamin Bittschi

    (WIFO)

  • Birgit Meyer

    (WIFO)

Abstract

In 2021, there is a significant decrease in unit labour costs in manufacturing of 5.4 percent compared to the previous year. In an international comparison, Austria's unit labour cost position improved in 2021 compared with the weighted average of all trading partners (–2.6 percentage points) and compared with EU trading partners (–2.7 percentage points). Moreover, the unit labour cost position has also improved significantly compared with Germany, the most important trading partner (–2.5 percentage points). Due to the differences between Austria and its main trading partners in the implementation and design of COVID-19 aid, measures (especially short-time work) as well as the details of the statistical recording of these measures in the national accounts, this year's values should still be interpreted with caution, both over time and between individual countries.

Suggested Citation

  • Benjamin Bittschi & Birgit Meyer, 2022. "Improvement in Unit Labour Cost Position in 2021," WIFO Reports on Austria, WIFO, issue 15, October.
    • Handle: RePEc:wfo:repoau:y:2022:i:15
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    File URL: https://www.wifo.ac.at/wwa/pubid/70468
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    References listed on IDEAS

    as
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    3. Werner Hölzl & Michael Klien & Agnes Kügler, 2021. "Erwartungen bezüglich Geschäftstätigkeit, Beeinträchtigungen und Liquidität in der vierten COVID-19-Welle. Ergebnisse der sechsten Sonderbefragung zur COVID-19-Krise im Rahmen des WIFO-Konjunkturtests," WIFO Studies, WIFO, number 67941, February.
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