Labor Cost Index

Europe Ranking

Source: IMF

Current Rank	Country	Value	Latest Reading	Previous Rank	Previous Value

1	Ukraine	4541.22	1-2022	1	5437.14
2	Belarus	296.06	9-2023	2	294.12
3	Moldova	283.15	6-2023	3	267.11
4	Macedonia	258.28	6-2023	4	246.95
5	Georgia	226.85	6-2023	5	215.8
6	United Kingdom	211.41	6-2023	6	204.68
7	Bosnia and Herzegovina	195.4	6-2023	7	191.1
8 ↑	Albania	154.27	6-2023	9	140.78
9 ↓	Serbia	148.4	6-2023	8	143.3
10	Iceland	144.4	3-2022	10	138.7
11 ↑	Bulgaria	140.7	6-2023	12	135.7
12 ↓	Lithuania	140.3	6-2023	11	137.4
13	Romania	139.1	6-2023	13	134
14	Hungary	138.4	6-2023	14	132.9
15 ↑	Poland	134.3	6-2023	16	129
16 ↑	Montenegro	129.04	6-2023	17	126.3
17 ↑	Estonia	128.9	6-2023	18	125.6
18 ↑	Slovenia	126.1	6-2023	22	119.7
19 ↑	Croatia	126	6-2023	21	120.3
20	Slovakia	124.9	6-2023	20	120.5
21 ↑	Ireland	124.1	6-2023	28	110.2
22 ↑	Latvia	123.9	6-2023	23	118.7
23 ↑	Cyprus	118.5	6-2023	24	115.7
24 ↑	Belgium	115.3	6-2023	25	114.2
25 ↓	Greece	114.6	6-2023	15	129.2
26	Netherlands	114.1	6-2023	26	113.4
27 ↑	Austria	113.5	6-2023	33	109.2
28	Luxembourg	111.9	6-2023	28	110.2
29 ↑	Czech Republic	111.7	6-2023	32	109.3
30 ↑	Sweden	111.2	6-2023	31	109.6
31 ↑	Finland	111.1	6-2023	35	107
32 ↓	Norway	110.7	6-2023	19	121
32 ↓	Germany	110.7	6-2023	27	110.7
34 ↑	Malta	110	6-2023	36	106.8
35 ↓	Portugal	109.8	6-2023	30	110
36 ↓	France	108.3	6-2023	34	107.7
37 ↑	Spain	107.8	6-2023	38	106.1
38 ↓	Denmark	107.7	6-2023	37	106.3
39	Italy	102.8	6-2023	39	100.7

Definition of Labor Cost Index

The index reflects the level of the total compensation of employees in the economy. Labor costs are defined as core expenditure borne by employers for the purpose of employing staff. They include employee compensation, with wages and salaries in cash and in kind, employers' social security contributions and employment taxes regarded as labor costs minus any subsidies received.