Bulgaria ranks third in the EU in terms labor costs growth in the second quarter of 2008, Eurostat data show.

The hourly labor costs in the country went up by 21.9% year on year in the second quarter of the year, the data show.

The average wage in Bulgaria went up by 5.4% in the second quarter of 2008 to 510 leva monthly (261 euros), data of the National Statistical Institute (NSI) show. The average monthly salary went up by 40 leva in the public sector and by 22 leva in the private sector, BSI data show.

The highest annual rises were registered in Latvia (24.8%) and Romania (23.0%).

The smallest annual increase in hourly labor costs was observed in Germany – 0.7%, Eurostat's data show.

The Labour Cost Index is a short-term indicator showing the development of hourly labour costs incurred by employers as a result of engaging the labor work force, according to Eurostat.

The quarterly changes in employers’ costs are measured for the total labor costs and the main components wages and salaries, and labor costs other than wages and salaries (non-wage costs), the statistical service said.