This fall, compared to the summer of 2023, hourly spending by employers and workers increased by 1.31%, but with wide variations between sectors of the economy, the National Institute for Statistics announced on Tuesday. However, this growth occurs against the background of a decrease in labor productivity (by 6% on average, according to the National Bank).

Compared to the third quarter of last year, the hourly cost of labor for employers increased by 15.15%, well above economic growth over the same period. The trend of steady growth in the cost of labor generates inflationary pressure and reduces competitiveness.

Compared to the summer of this year, the highest increase in the price of hourly labor was found in education (38.42%).

However, in most types of economic activity, the cost of an hour of labor (taking into account the number of working days) decreased compared to the previous quarter.

The most significant decrease was observed in financial intermediation and insurance (-10.20%) and real estate transactions (-5.56%).

Compared to the previous quarter, the component of direct (salary) labor costs increased by 1.31%, and indirect (not related to wages) costs – by 1.34%.

Compared to the corresponding quarter last year, the cost of an hour of labor (adjusted for the number of working days) increased in all types of economic activity.

The cost of labor per hour increased the most in education (30.46%) and construction (22.07%).