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https://www.um.edu.mt/library/oar/handle/123456789/33379
Title: | Unit labour costs, wages and productivity in Malta : a sectoral and cross-country analysis |
Authors: | Micallef, Brian |
Keywords: | Labor productivity -- Malta Wages and labor productivity -- Malta Manufacturing industries -- Malta Labor costs -- Malta |
Issue Date: | 2015-08 |
Publisher: | Central Bank of Malta |
Citation: | Micallef, B. (2015). Unit labour costs, wages and productivity in Malta : a sectoral and cross-country analysis. Policy note August 2015, Central Bank of Malta. |
Abstract: | ULC growth in Malta averaged 2.2% per annum between 2010 and 2014. International institutions have recently expressed concern that this increase, the highest among EU economies, could eventually lead to a loss in price competitiveness. Macro-economic indicators, including GDP, Balance of Payments and employment, however, do not indicate a loss in competitiveness. A closer look at the two main components of ULCs – compensation per employee and labour productivity – reveals that developments in ULCs were not driven by excessive wage increases but rather by a slowdown in productivity. The note focuses on the following four broad questions: (i) Is Malta’s ULC growth out of synch given its economic performance? (ii) Is ULC growth excessive given the structural changes in the Maltese economy? (iii) What do firm-level surveys tell us about the sectoral and structural characteristics behind productivity in Malta after the crisis? and (iv) How do domestic wages, both economy-side and sectoral, compare vis-à-vis other European countries? |
URI: | https://www.um.edu.mt/library/oar//handle/123456789/33379 |
Appears in Collections: | 2015 |
Files in This Item:
File | Description | Size | Format | |
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Unit_labour_costs_wages_and_productivity_in_Malta_2015.pdf | 1.06 MB | Adobe PDF | View/Open |
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