site.btaQ3 Total Hourly Labour Costs Up by 15.1% Y-Y

In the third quarter of 2023, compared to the third quarter of 2022, the total hourly labour cost rose by 15.1% based on preliminary data, the National Statistical Institute said on Thursday.

The total hourly labour cost increased by 16.6% in industry, 13.9% in services and 17.0% in construction. The highest annual growth in total labour costs was recorded in education - by 21.9%, accommodation and food service activities - by 18.8%, and transportation and storage - by 17.4%. 
 
The wages and salaries costs per hour worked grew by 15.8% in comparison with a year earlier, while the other (non-wage) costs rose by 11.5%. Among the economic activities in the third quarter of 2023 compared to the third quarter of 2022, the growth rate of wages and salaries component ranged from 23.8% in education to 7.6% in other service activities.