Singapore's unit labour cost for the overall economy rose at a slower pace in 2023, and could moderate further in 2024, the Ministry of Trade and Industry (MTI) said on Feb 15.
Unit labour cost is a measure of how much it costs a business to pay its workers to produce each unit of a product or service.
Its importance lies in its use as a broad indicator of international cost competitiveness.
The unit labour cost for the key manufacturing sector dipped 0.1 per cent in the fourth quarter, a reversal from the 10.4 per cent increase in the third quarter, said MTI, which released the data in its latest Economic Survey of Singapore.
Bu hikaye The Straits Times dergisinin February 16, 2024 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin February 16, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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