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Labour Cost Index increases by 8.4%
Labour cost index
Labour Cost Index increases by 8.4% - 3rd Quarter 2024
13 November 2024

Summary

In the 3rd quarter of 2024, the Labour Cost Index (LCI) recorded a year-on-year increase of 8.4%. In the previous quarter, it had increased 7.4%.

The wage costs (per hour actually worked) increased by 8.4%, and the other labour costs (also per hour actually worked) increased by 8.2%, compared with the same period of the previous year.

The year-on-year change of the LCI resulted also from the combined effect of the increase of 6.1% in the average cost per employee and the decrease of 2.1% in the number of hours actually worked per employee. The increase of the average cost per employee was common to all economic activities, with higher increases in Construction (6.9%) and smaller in Services (5.5%). With the exception of Public Administration (6.3%), where the increase was higher, the remaining activities presented lower increases than those observed in the preceding quarter. The hours actually worked per employee decreased in all economic activities, as in the previous quarter, with the exception of Public Administration, where it had increased. The largest decrease was observed in Industry (3.6%) and the lowest in Construction (1.5%) and in Services (1.5%). As a result of these variations, the LCI increased in all economic activities, with the largest increase being recorded in Industry (10.4%).


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