Monthly Statistical Bulletin, May 2022

MAY 2022 11 MONTHLY STATISTICAL BULLETIN In the first quarter of 2022, the Labour Cost Index increased by 1.1% In the 1st quarter of 2022, year-on-year1: • The Labour Cost Index (LCI) increased by 1.1% (2.6% in the previous quarter); • Wage costs per hour actually worked increased by 0.4% (2.6% in the previous quarter); • Other labour costs, also per hour actually worked, grew by 3.8% (2.5% in the previous quarter). This rate of change concerning the ICT is explained by how the following factors developed: • When focussing on the numerator, the average cost per employee increased by 3.1% (+2.4% in the previous quarter); The increase was across all economic activities, given that: » The smallest rate of change was registered in Public Administration (1.8%); » The most significant rates of change were registered in Construction (4.7%) and Services (4.4%); • Concerning the denominator, a more minor increase of 2.6% in the number of hours actually worked per worker (+0.2% in the previous quarter); All economic activities contributed to this increase, except Construction, which decreased by 1.7%. The largest increase was registered in Public Administration (4.0%). As a result, the LCI increased in all economic activities, except in Public Administration, which registered a reduction of 1.9%. Concerning specific wage costs, in the 1st quarter of 2022, these grew mainly in Construction (6.5%), while in Public Administration they decreased by 2.2%. Labour Cost Index Working days adjusted data (year-on-year rate of change) 1 The data in this press release are working days adjusted. 1.1% 3.1% 2.6% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 1st Q 2017 1st Q 2018 1st Q 2019 1st Q 2020 1st Q 2021 1st Q 2022 Total Average cost per employee Number of hours actually worked per employee