Not only did we recently have weather like the Spanish, labour costs were too.
The latest data from Eurostat (the European Statistics Agency) show that Irish labour costs in the Accommodation and Food sector are equal to those of Spain. Adjusting for the cost of living Irish labour costs are even lower than in Spain.
The data, which was recently updated, shows labour costs for the year 2011. Labour costs include wages, but also other costs faced by employers when employing a worker, such as social insurance (PRSI). Taking all the costs together, Irish labour costs are third lowest in western Europe, a fall on the previous year.
This updated data will appear in the next issue of the Quarterly Economic Facts (indicator 3.1b). The latest issue of the Quarterly Economic Facts are available here.