Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2024 to 2028
(in percentage terms)
Characteristic
Unit labor costs
Compensation per employee
Labor productivity
2024*
4.6%
4.5%
-0.1%
2025
3.3%
4%
0.7%
2026
2.6%
3.2%
0.6%
2027
2%
2.9%
0.9%
2028
2.1%
3%
0.9%
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According to the forecasts of the staff of the Eurosystem - the group of central banks of countries which use the Euro as their currency - the rate of increase in unit labor costs (the labor cost at which one unit of production is produced) is expected to decrease over the coming years, declining from a rate of 4.6 percent in 2024, to 2.1 percent by 2028. This decrease in unit labor costs is set to be driven by a slowing in the growth of compensation per employee, which will decline from 4.6 percent in 2024 to three percent in 2028, coupled with a slight increase in labor productivity, the total output per person employed.Â
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ECB. (December 18, 2025). Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2024 to 2028 (in percentage terms) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 23, 2026, from /statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
ECB. "Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2024 to 2028 (in percentage terms) ." Chart. December 18, 2025. ÌÇÐÄÆƽâ°æ. Accessed July 23, 2026. /statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
ECB. (2025). Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2024 to 2028 (in percentage terms) . ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 23, 2026. /statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
ECB. "Forecasted Increases in Unit Labor Costs, Compensation per Employee, and Labor Productivity in The Eurozone Currency Area from 2024 to 2028 (in Percentage Terms) ." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 18 Dec 2025, /statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
ECB, Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2024 to 2028 (in percentage terms) ÌÇÐÄÆƽâ°æ, /statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/ (last visited July 23, 2026)
Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2024 to 2028 (in percentage terms) [Graph], ECB, December 18, 2025. [Online]. Available: /statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
