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Nominal versus Real Convergance

This article analyzes the differences between nominal and real convergence, specifically focusing on labour productivity and utilization. It discusses the improvement in labour productivity relative to the Euro Area, the mismatches in the labor market, and the increasing need for skilled labor. The article also examines competitiveness and real labour cost growth. This analysis is based on data from Eurostat.

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Nominal versus Real Convergance

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  1. Nominal versus Real Convergance Rozalia Pal

  2. Nominal Convergence Source: Eurostat

  3. Real convergence: Labour productivity and labour utilization real convergence in terms of labour productivity: 1. Labour productivity: improved relative to the Euro Area, mainly due to the expanding shares of more productive sectors in total output and due to the decline in overall employment (increasing labour efficiency). 2. Labour utilisation: strong mismatches in the labor market. Increasing need of skilled labour 3

  4. Real convergence: Labour productivity Source: Eurostat

  5. Real convergence: Labour productivity Source: Eurostat

  6. Competitiveness: Real Labour Cost Growth 2005-2012 Source: Eurostat The data covered in the LCI collection relate to total average hourly labour costs and to the labour cost categories "wages and salaries" and "employers' social security contributions plus taxes paid minus subsidies received by the employer"

  7. Real convergence: Labour productivity Labour productivity: GDP per person employed Source: Eurostat

  8. Employment structure: mismatches in the Romanian labor market. Need of skilled labor Source: Eurostat 8

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