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Private sector cost of an hour worked increased by 5.6 per cent in April to June 2023

Release related to topics:EnterprisesWork, wages and livelihood
release | Labour cost index 2023, 2nd quarter

According to Statistics Finland, labour costs in the private sector rose by 5.6 per cent in April to June 2023 when compared to the respective period of the year before. In the central government sector, costs grew by 12.6 per cent and in the local government sector by 9.0 per cent. The second quarter of 2023 had 60 workingdays, which is one less than in the corresponding period of 2022. In the Labour Cost Index, a decrease in the number of working days usually has an increasing effect on costs.

Key selections

  • The big annual growth in the central government sector's costs in the second quarter of 2023 is caused by non-recurring items paid in April and the general increase in wages and salaries that entered into force in May.
  • Pay increases and non-recurring items also increase the local government's labour costs in the second quarter of 2023 compared to the corresponding period of the previous year.
  • Among private sector industries, the biggest rise in labour costs, 6.9 per cent, was recorded in financial and insurance activities (K) in April to June 2023 compared to the corresponding period of the previous year.
  • Costs grew least in the private sector, by 2.1 per cent, in trade (G) in the second quarter of 2023 from one year ago.

Tables

See key statistical data in the tables.

Labour costs, index points 2021Q2-2023Q2

Labour costs, annual change percentages 2021Q2-2023Q2

Data revisions

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Revisions to annual changes in the original labour cost index by sector

Revisions to annual changes in the seasonally adjusted labour cost index by sector

Database tables

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Updated database tables
141m
Classifications used:
  • Industry (TOL 2008)
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quarter
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quarter
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141l
Classifications used:
  • Industry (TOL 2008)
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year
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141n
Classifications used:
  • Industry (TOL 2008)
Reference period cycle:
quarter
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quarter
Statistics:
Updated:
141p
Classifications used:
  • Industry (TOL 2008)
Reference period cycle:
year
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quarter
Statistics:
Updated:
141q
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    Reference period cycle:
    quarter
    Updating frequency:
    quarter
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    Updated:
    141r
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      Reference period cycle:
      year
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      Documentation

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      Go to documentation of the statistics

      Referencing instructions

      Official Statistics of Finland (OSF): Labour cost index [online publication].
      Reference period: 2023, 2nd quarter. ISSN=1798-3746. Helsinki: Statistics Finland [Referenced: 21.11.2024].
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      Service email
      tvkindeksi@stat.fi
      Pekka Haapala
      Planning Officer
      029 551 3460

      Other experts

      Antti Saarinen
      Senior Statistician
      029 551 3551
      Katri Lepikkö
      Senior Statistician
      029 551 3223
      Tuomas Lahti
      Senior Statistician
      029 551 3299

      Head of Department in charge

      Hannele Orjala
      Head of Department in charge
      029 551 3582