The Wage Rate Index increased by 0.5% or 0.5 point to reach 111.2 in second quarter 2023 from 110.7 in first quarter 2023. Compared to second quarter 2022, the index increased by 7.2% or 7.5 points.
The Wage Rate Index for the General Government sector, which accounts for around 34% of the total weight of the Wage Rate Index, decreased by 0.4% or 0.4 point from 107.7 in first quarter 2023 to 107.3 in second quarter 2023. Compared to second quarter 2022, an increase of 4.1% or 4.2 points is noted.
The index for the public sector, which comprises General Government and public enterprises and accounting for around 46% of the total weight of the Wage Rate Index, decreased by 0.1% or 0.1 point from 108.8 in first quarter 2023 to 108.7 in second quarter 2023. Compared to second quarter 2022, the index increased by 5.1% or 5.3 points.
The index for the private sector, which accounts for around 54% of the total weight of the Wage Rate Index, increased by 1.1% or 1.2 points from 112.5 in first quarter 2023 to 113.7 in second quarter 2023. Compared to second quarter 2022, it increased by 9.1% or 9.5 points.
WRI_2Qtr23_250923