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Investor Presentaiton

Labour market developments Labour market improved in 2023 ā˜ In the first half of 2023 the labour market continued strong with a relatively high employment growth (y-o-y) and unemployment remained around the level between 4-4.5%. The participation rate stood at 73.7% in Q2 2023, with a labor force of 2.9 million. The unemployment rate stood at 4.6% in Q3, stable with the beginning of the year. In 2022 and the first half of 2023, the increase of the compensation per employee managed to offset inflation in the country. The nominal unit labour cost ("NULC") increased by 10.7% while the real unit labour cost ("RULC") was still negative. Employment Growth and Unemployment Rate (%) Labour productivity and NULC1 (% change year on year) 14 3 9.5 12 9.5 10.7 2 6.7 3.6 1.8 3.1 9.0 1.2 10 7.5 1 0.3 02 8 2.8 4.3 0 3.7 6.2 -0.1 -0.3 0.9 5.2 5.3 0.7 5.1 6 -1 4.6 4.2 4.1 -1.7 4 -2 -2.3 -3 2017 2018 Employment growth (%) 2019 2 2017 2018 2020 2021 2022 Q2 2023 Average unemployment rate (%) 2019 Real labour productivity growth 2020 2021 2022 Q2 2023 NULC* growth Source: NSI (National accounts data, Labour Force Survey (LFS) and European System of Accounts 2010), Ministry of Finance Source: NSI, Ministry of Finance 1NULC Nominal Unit Labour Cost 11
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