Hourly labor cost increased 13% y/y in Q4 2023

Nominal hourly labor costs in Poland rose by 13.1% year-on-year in Q4 2023, following increases of 12.2% in Q3 and 10.2% in Q4 2022, as reported by Eurostat. This marked the fourth-highest increase in the EU. Wages increased by 13.1% in Q4 2023, with other components of compensation also rising by the same percentage. In the industry sector, labor costs rose by 13.6% in Q4 2023, compared to 10.7% in Q3. In construction, costs increased by 11.6% in Q4, up from 7.0% in Q3. In services, costs went up by 12.3% in Q4, slightly lower than the 12.7% increase in Q3.

Source: obserwatorfinansowy.pl