OVI Index

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OVI for June 2017: Labor demand continues to grow 

In June OVI registered a growth rate of 44.2 percent when compared to the same month of the previous year, while seasonally adjusted index values show that OVI increased by 7.4 percent in June compared to the month before. Considering the fact that the largest increase in job advertisements in the last four years occurred in May 2017 (when the index grew by 14.3 percent compared to April), the slowdown in labor demand in June on a monthly basis suggests that most job openings in the tourism sector were filled in May. In the first six months of this year, OVI registered an increase of 33.4 percent when compared to the same period of the previous year, with labor demand exceeding the pre-crisis levels for the first time back in March of this year. The highest demand in the first half of 2017 was recorded for the occupations of sales assistant, waiter, cook, driver and programmer.
What is OVI?

Online Vacancy Index (OVI) is a monthly index of online job advertisements developed by the Institute of Economics, Zagreb in cooperation with the web portal MojPosao. The index aims to provide timely information regarding current labor demands. OVI index is developed by means of simple enumeration of single new job advertisements whose application deadlines end within the same month for which the index is being calculated. Given that advertisements published by only one web portal are taken into account, the number of job advertisements is expressed as an index (with the base year being 2015).

The index is to be interpreted in a such way that the values greater than 100 represent growth when compared to 2015, and accordingly, that the values less than 100 represent a decrease with respect to the base year. Index is seasonally adjusted using the X-12-ARIMA method.

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