Salaries in Iceland below European Average
In 2012, the hourly labor cost in the European Union was EUR 24.1 (ISK 3,550, USD 26.2) on average, while in Iceland it was EUR 23.2. In 2012, the highest labor cost for all economic activities in Europe was in Norway, EUR 57.1 per paid hour. The labor cost was the lowest in Bulgaria, EUR 3.4.