Constructions: 3Q labour cost surges

The labour cost in constructions for July – September 2004 recorded an increase compared to the corresponding period of 2003. According to CYSTAT data released on Tuesday, the index of the hourly labour cost in constructions for the aforementioned period showed an increase of 3.3% to 268.7 points compared to the corresponding period of 2003. For January – June, the index reached 120.9 points. It is noted that the effect of the Automatic Wage Indexing on the base rate reached 1.97 and 0.99 percentage points on January 1 and July 1, 2004 respectively.