The Wage Rate Index increased by 0.6% or 0.7 point to reach 112.0 in third quarter 2023 from 111.3 in second quarter 2023. Compared to third quarter 2022, the index increased by 6.0% or 6.3 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 0.3% or 0.3 point from 107.3 in second quarter 2023 to 107.0 in third quarter 2023. Compared to third quarter 2022, an increase of 3.7% or 3.8 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, stood at 108.7 in third quarter 2023, same as in second quarter 2023. Compared to third quarter 2022, the index increased by 4.7% or 4.9 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 1.3 points from 113.8 in second quarter 2023 to 115.1 in third quarter 2023. Compared to third quarter 2022, it increased by 7.3% or 7.8 points.
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