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
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