Private sector cost of an hour worked increased by 4.3 per cent in October to December 2023

Release related to topics:Enterprises Work, wages and livelihood

release 13/03/2024 | Labour cost index 2023, 4th quarter

According to Statistics Finland, labour costs in the private sector rose by 4.3 per cent in October to December 2022 when compared to the respective period of the year before. In the central government sector, costs grew by 3.7 per cent and in the local government sector by 3.8 per cent.

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Key selections

The fourth quarter of 2023 had 62 working days, 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.
In the private sector, the cost of an hour worked grew more than in local government and in the central government sector in the October to December period of 2023 from one year ago.
Among private sector industries, the biggest rise in labour costs, 7.0 per cent, was recorded in the metal industry (C 24-30) in October to December 2023 compared to the corresponding period of the previous year.
Costs in the private sector grew least, by 1.8 per cent, in transportation and storage (H) in the fourth quarter of 2023 from one year ago.

Statistics used in the release

Labour cost index

Tables

See key statistical data in the tables.

08/03/2024

Labour costs, index points 2021Q4-2023Q4

08/03/2024

Labour costs, annual change percentages 2021Q4-2023Q4

Data revisions

See key statistical data in the tables.

13/03/2024

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

	1/2022	2/2022	3/2022	4/2022	2022	1/2023	2/2023	3/2023
Private sector	1st release, %	2,6	2,5	0,7	3,3	2,1	0,3	5,6	4,4
Latest release, %	3,1	2,3	0,7	3,2	2,3	0,0	4,0	4,5
Revision, %-points	0,5	-0,2	0,0	-0,1	0,2	-0,3	-1,6	-0,1
Central government	1st release, %	1,9	3,3	2,4	6,7	3,5	2,0	12,6	8,2
Latest release, %	1,9	3,3	2,4	6,7	3,5	2,0	12,6	8,2
Revision, %-points	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0
Local government	1st release, %	4,7	3,0	4,8	7,0	4,7	0,6	9,0	4,0
Latest release, %	4,6	3,2	4,2	6,9	4,6	-0,8	8,7	4,1
Revision, %-points	-0,1	0,2	-0,6	-0,1	-0,1	-1,4	-0,3	-0,1

13/03/2024

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

	1/2022	2/2022	3/2022	4/2022	2022	1/2023	2/2023	3/2023
Private sector	1st release, %	3,1	2,0	0,8	3,0	2,2	0,3	5,1	4,2
Latest release, %	3,8	1,8	0,7	2,8	2,3	0,5	3,7	4,3
Revision, %-points	0,7	-0,2	-0,1	-0,2	0,1	0,2	-1,4	-0,1
Central government	1st release, %	2,0	2,8	2,2	6,2	3,5	2,7	8,6	8,5
Latest release, %	3,0	1,9	2,9	6,2	3,5	4,1	10,1	8,3
Revision, %-points	1,0	-0,9	0,7	0,0	0,0	1,4	1,5	0,2
Local government	1st release, %	4,4	3,2	4,6	6,5	4,8	1,3	6,4	4,5
Latest release, %	4,8	3,1	4,5	5,1	4,4	2,2	6,3	4,6
Revision, %-points	0,4	-0,1	-0,1	-1,4	-0,4	0,9	-0,1	-0,1

Database tables

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Updated database tables

141m

Labour Cost Index (2020=100) by industry - quarterly data(External link)

Classifications used:

Industry (TOL 2008)

Reference period cycle:

quarter

Updating frequency:

quarter

Statistics:

Labour cost index

Updated:

06/09/2024

141l

Labour Cost Index (2020=100) by industry - annual data(External link)

Classifications used:

Industry (TOL 2008)

Reference period cycle:

year

Updating frequency:

quarter

Statistics:

Labour cost index

Updated:

06/09/2024

141n

The share of performance-based bonuses of wages and salaries sum in the private sector by industry (TOL 2008) - quarterly data(External link)

Classifications used:

Industry (TOL 2008)

Reference period cycle:

quarter

Updating frequency:

quarter

Statistics:

Labour cost index

Updated:

06/09/2024

141p

The share of performance-based bonuses of wages and salaries sum in the private sector by industry (TOL 2008) - annual data(External link)

Classifications used:

Industry (TOL 2008)

Reference period cycle:

year

Updating frequency:

quarter

Statistics:

Labour cost index

Updated:

06/09/2024

141q

The share of other one-off pay components of wages and salaries sum in the private sector - quarterly data(External link)

Classifications used:

Reference period cycle:

quarter

Updating frequency:

quarter

Statistics:

Labour cost index

Updated:

06/09/2024

141r

The share of other one-off pay components of wages and salaries sum in the private sector - annual data(External link)

Classifications used:

Reference period cycle:

year

Updating frequency:

quarter

Statistics:

Labour cost index

Updated:

06/09/2024

Future releases

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Documentation

Description of the production, used methods and quality of the statistics.

Go to documentation of the statistics

Referencing instructions

Official Statistics of Finland (OSF): Labour cost index [online publication].

Reference period: 2023, 4th quarter. ISSN=1798-3746. Helsinki: Statistics Finland [Referenced: 21.11.2024].

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