FEBRUARY 2022 21 MONTHLY STATISTICAL BULLETIN The labour cost index increased by 2.4% in the 4th quarter of 2021 and 2.5% in 2021 In the 4th quarter of 2021, year-on-year: • The Labour Cost Index (LCI), adjusted for working days, increased by 2.4% (3.9% in the previous quarter); • Wage costs per hour actually worked rose by 2.5% (3.5% in the previous quarter); • Other costs, also per hour actually worked, grew by 2.3% (5.4% in the previous quarter). These developments in the LCI were essentially explained by the following reasons: • Increase of 2.0% in the average cost per employee (+3.1% in the previous quarter). The less marked increase in the LCI was common to all economic activities; the smallest variation was recorded in the public sector: 1.1%; • No change in the number of hours actually worked (-0.6% in the previous quarter); Labour Cost Index Working days adjusted data (year-on-year rate of change) 2.4% 2.0% 0.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 4th Q 2016 4th Q 2017 4th Q 2018 4th Q 2019 4th Q 2020 4th Q 2021 Total Average cost per employee Number of hours effectively worked per employee The relative stability of the number of hours actually worked per worker resulted from: • Decreases in Public Administration (6.5%) and in Construction (2.1%); • Increases in Industry (1.0%) and Services (5.7%). In the 3rd quarter of 2021, only the Services sector did not record a reduction.
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