Compensation of employees in Latin America & Caribbean
Latin America & Caribbean: Compensation of employees was 24.5% in 2023. ▬ Flat
Compensation of employees in Latin America & Caribbean, 1998–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of expense.
Analysis
The most recent figure for compensation of employees in Latin America & Caribbean is 24.5%, measured in 2023. That is the lowest value across all 26 years on record.
The figure is down 12.3% on the previous year and down 15.8% over ten years.
Over the whole period, compensation of employees in Latin America & Caribbean peaked at 34.3% in 2002 and was at its lowest, 24.5%, in 2023.
That places Latin America & Caribbean 19th out of 41 groups with data for 2023, putting it in the middle of the range.
Compensation of employees in Latin America & Caribbean, year by year
| Year | % of expense | Change |
|---|---|---|
| 1998 | 25.4% | — |
| 1999 | 24.7% | -3.0% |
| 2000 | 28.3% | +14.4% |
| 2001 | 28.6% | +1.1% |
| 2002 | 34.3% | +20.2% |
| 2003 | 31.0% | -9.8% |
| 2004 | 28.2% | -8.9% |
| 2005 | 32.8% | +16.3% |
| 2006 | 33.0% | +0.6% |
| 2007 | 34.1% | +3.2% |
| 2008 | 31.3% | -8.2% |
| 2009 | 30.8% | -1.6% |
| 2010 | 29.6% | -4.1% |
| 2011 | 33.4% | +12.8% |
| 2012 | 29.3% | -12.3% |
| 2013 | 29.1% | -0.6% |
| 2014 | 28.3% | -2.8% |
| 2015 | 28.7% | +1.5% |
| 2016 | 32.3% | +12.4% |
| 2017 | 30.9% | -4.3% |
| 2018 | 32.9% | +6.5% |
| 2019 | 31.6% | -3.8% |
| 2020 | 30.9% | -2.2% |
| 2021 | 29.0% | -6.3% |
| 2022 | 27.9% | -3.5% |
| 2023 | 24.5% | -12.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 25.1% | 24.7% | 25.4% | 2 |
| 2000s | 31.2% | 28.2% | 34.3% | 10 |
| 2010s | 30.6% | 28.3% | 33.4% | 10 |
| 2020s | 28.1% | 24.5% | 30.9% | 4 |
Countries ranked near Latin America & Caribbean
More public sector data for Latin America & Caribbean
- Arms imports 644.00 million SIPRI trend indicator values (2024)
- Arms imports (SIPRI trend indicator values), per capita 0.9725 SIPRI trend indicator values per person (2024)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0001 SIPRI trend indicator values per US$ of GDP (2024)
- Arms imports (SIPRI trend indicator values), annual growth rate 67.27 % change on previous year (2024)
- Arms imports (SIPRI trend indicator values), gaps filled 644.00 million SIPRI trend indicator values (2024)
- Military expenditure (current USD), per capita 110.81 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0.0104 current USD per US$ of GDP (2024)
- Military expenditure (current USD), annual growth rate 10.62 % change on previous year (2024)
- Military expenditure (current USD), gaps filled 73.38 billion current USD (2024)
- Arms imports (SIPRI trend indicator values), per square kilometre 19.2 SIPRI trend indicator values per square kilometre (2023)
Frequently asked questions
- What is compensation of employees in Latin America & Caribbean?
- Compensation of employees in Latin America & Caribbean was 24.5% in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest compensation of employees recorded in Latin America & Caribbean?
- The highest recorded value was 34.3% in 2002.
- What is the lowest compensation of employees recorded in Latin America & Caribbean?
- The lowest recorded value was 24.5% in 2023.
- How does Latin America & Caribbean rank for compensation of employees?
- Latin America & Caribbean ranks 19th out of 41 groups with data for 2023.
- Is compensation of employees rising or falling in Latin America & Caribbean?
- Over the last ten years it is down 15.8%. The long-run trend across the full record is flat.
- Where does this Latin America & Caribbean data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Compensation of employees (% of expense). Statizoid updates them automatically from the source API.
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About this data
Compensation of employees is defined as the total remuneration, in cash or in kind, payable by an enterprise to an employee in return for work done by the latter during the accounting period. This indicator is expressed as percentage of total expenses which is any decrease in net worth resulting from a transaction.