Portuguese competitiveness is slowly going up, the Central Bank of Portugal having published slightly decreasing unitary labor costs. However, it is still higher than the average in the rest of the Euro zone countries. The Portuguese government is hoping that the new Labor Code, which came into force on August 1, 2012, will help change this trend further. (Ref. 120490)
Labor cost and competitiveness. In its report on labor costs for the first 2012 quarter, the Central Bank of Portugal points out that unitary labor cost is 10 percent higher than the average for the 17 countries in the Eurozone. However, the bank observed a drop in the Portuguese index: 5.6 percent in cumulated data since 2009 as opposed to 12.8 percent in the single currency countries. This staggered decrease – and especially slower decrease – of the pay/productivity ratio in Portugal is pu
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