Link Securities | According to the Harmonised Labour Cost Index (ICLA) published by the National Statistics Institute (INE), the labour cost per hour worked increased by 3.8% in Spain in Q2 2025 compared to the same period last year (up 3.7% in Q1 2025), in seasonally and calendar-adjusted figures. In unadjusted data, the year-on-year change in the cost per hour was 5.4% (up 1.9% in Q1 2025).
In turn, wage costs grew by 3.5% year-on-year in Q2 2025 in data adjusted for seasonal and calendar effects. Other costs increased by 4.5%, almost one point above the total cost.
The activities with the highest year-on-year growth rates in labour costs in Q2 2025, excluding seasonal and calendar effects, were professional, scientific and technical activities (up 6.5%), electricity, gas, steam and air conditioning supply (6.5%), and real estate activities (5.6%).
Labour costs recorded the lowest year-on-year increases in public administration and defence; compulsory social security (0.7%), artistic, recreational and entertainment activities (1.1%), and financial and insurance activities (2.7%).
