Download Labour costs

Economies of Central and Eastern Europe:
safe bets in the emerging world?
Grzegorz Sielewicz
CEE Chief Economist
Coface Country Risk Conference
Prague, 24th May 2017
Coface sector risk assessments
/
2
CEE GDP growth forecast
/
3
The labour market on its improvement track
Unemployment rates
(%)
Source: Eurostat
Gross wages dynamics
(2010=100)
Source: Eurostat
/
Deflation belongs to the past
HICP inflation
(%)
Brent oil price
(USD per barrel)
Source: Eurostat
Source: Coface
/
Construction has started to recover
Industrial production
(%, y/y dynamics)
Source: Eurostat
Construction output
(%, y/y dynamics)
Source: Eurostat
/
Labour costs still attractive despite an increase
Labour costs
(EUR, hourly)
Labour productivity index
(2000=100)
Source: Eurostat
Source: Eurostat
/
Labour shortages are a blessing for
households but concern for corporates
Job vacancy rates
(%)
Source: Eurostat
Top 5 jobs employers
are having difficulty to fill
Source: ManpowerGroup
/
Coface country risk assessments
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9
Coface country risk assessments: CEE countries
Country Risk
Assessment
Czech Republic
Estonia
Lithuania
Poland
Slovakia
Slovenia
Bulgaria
Hungary
Latvia
Romania
Croatia
Serbia
2014
2015
2016
2017
January
January
January
March
June
October
January
March
Business
Climate
A4
A3
A4
A3
A3
A4
B
B
B
B
B
C
A4
A3
A4
A3
A3
A4
B
B
B
B
B
C
A3
A3
A4
A3
A3
A4
B
A4
B
B
B
C
A3
A3
A4
A3
A3
A4
B
A4
B
B
B
C
A3
A3
A3
A3
A3
A3
B
A4
A4
A4
B
C
A3
A3
A3
A3
A3
A3
B
A4
A4
A4
B
C
A3
A2
A3
A3
A3
A3
A4
A4
A4
A4
B
B
A2
A2
A3
A3
A3
A3
A4
A4
A3
A4
B
B
A2
A1
A3
A2
A3
A3
A4
A3
A3
A3
A3
B
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