Electronics Production |
Poland losing labour cost competitiveness
According to a report published by Polish Business Magazine PB, costs of labor in Poland have skyrocketed and are more than 12% higher than in Slovakia and the Czech Republic.
Since Poland joined the EU, labor costs are growing faster then in the Czech Republic or Slovakia.
“Until recently, these costs were growing in Poland more slowly then in the EU, mainly due to low wage increase growth. The situation has radically changed this year when wages started to grow very fast. This causes that we are losing on competitiveness against the other countries of our region as a potential site to invest in. Until recently, our advantages were low labor costs and easy access to the labor market”, Michal Chyczewski, Bank BPH economist believed told PB.
