Labour cost index
The Labour Cost Index increased by 3.5% as a result mainly of increases in non-wage costs per hour actually worked (4.6%) and in average costs per employee (7.2%)
– 2nd Quarter 2023
11 August 2023
In the 2nd quarter of 2023, the Labour Cost Index (LCI) recorded a year-on-year increase of 3.5%. In the previous quarter, it had increased 6.7%.
The wage costs (per hour actually worked) increased by 3.3%, and the other labour costs (also per hour actually worked) increased by 4.6%, compared with the same period of the previous year.
The year-on-year change of the LCI resulted also from the increase of 7.2% in the average cost per employee and the 3.6% rise in the number of hours actually worked per employee. The increase of the first component was common to all economic activities, with smaller variations than those observed in the preceding quarter. The lowest increase was registered in the Public Administration (6.5%) and the highest was observed in Construction (8.8%). The hours actually worked per employee also recorded increases in all economic activities with the largest increase being observed in Construction and the smallest in Administration. As a result of these variations, the LCI increased in all economic activities, with the largest increase being recorded in the Public Administration.
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