Despite Accelerated Wage Dynamic Relative Labour Cost Position Improved

While wage growth accelerated in 1991 the rise in productivity significantly lost momentum. Thus, unit labour costs for the whole economy exhibited the strongest increase in a decade and the share of wages in national income picked up slightly after having fallen steadily thoughout the eighties. However, given the even stronger upward drift of labour costs abroad, relativ unit labour costs have actually declined in Austria implyin gan improvement in the price-determined competitive position.