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Private sector cost of an hour worked increased by 2.7 per cent in January to March 2024

Release related to topics:EnterprisesWork, wages and livelihood
release | Labour cost index 2024, 1st quarter

According to Statistics Finland, labour costs in the private sector rose by 2.7 per cent in January to March 2024 when compared to the respective period of the year before. In the central government sector, costs grew by 6.9 per cent and in local government by 6.9 per cent.

Key selections

  • The first quarter of 2024 had 63 working days, which is one less than in the corresponding period of 2023.
  • In the private sector, the cost of an hour worked grew less than in local government and in the central government sector in the January to March period of 2024 from one year ago.
  • Among private sector industries, the biggest rise in labour costs, 6.7 per cent, was recorded in construction (F) in January to March 2024 compared to the corresponding period of the previous year.  
  • Costs in the private sector grew least, by 0.3 per cent, in forest industry (C 16-17) in the first quarter of 2024 from one year ago. Costs fell in wholesale and retail trade (G) by 1.3 per cent.
  • In the labour cost index, growth in costs is usually curbed by growth in the number of working days.

Tables

See key statistical data in the tables.

Labour costs, index points 2022Q1-2024Q1

Labour costs, annual change percentages 2022Q1-2024Q1

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
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  • Industry (TOL 2008)
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141l
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  • Industry (TOL 2008)
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year
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141n
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  • Industry (TOL 2008)
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141p
Classifications used:
  • Industry (TOL 2008)
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year
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141q
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    quarter
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    141r
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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: 2024, 1st quarter. ISSN=1798-3746. Helsinki: Statistics Finland [Referenced: 16.10.2024].
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      Statistical experts

      Inquiries primarily

      Service email
      tvkindeksi@stat.fi
      Antti Saarinen
      Senior Statistician
      029 551 3551

      Other experts

      Tuomas Lahti
      Senior Statistician
      029 551 3299

      Head of Department in charge

      Hannele Orjala
      Head of Department in charge
      029 551 3582