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dc.identifier.citationMicallef, B. (2015). Unit labour costs, wages and productivity in Malta : a sectoral and cross-country analysis. Policy note August 2015, Central Bank of Malta.en_GB
dc.description.abstractULC 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?en_GB
dc.publisherCentral Bank of Maltaen_GB
dc.subjectLabor productivity -- Maltaen_GB
dc.subjectWages and labor productivity -- Maltaen_GB
dc.subjectManufacturing industries -- Maltaen_GB
dc.subjectLabor costs -- Maltaen_GB
dc.titleUnit labour costs, wages and productivity in Malta : a sectoral and cross-country analysisen_GB
dc.rights.holderThe copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder.en_GB
dc.contributor.creatorMicallef, Brian-
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