A method for compensating the drift of an element for position measurement mounted on an object, including at least one gyro for measuring rotation of the object about an axis and at least one accelerometer for measuring two mutually perpendicular components of the acceleration of gravity as a consequence of the orientation of the object relative to the acceleration of gravity along two mutually perpendicular directions, which together correspond to the rotation of the object about the axis. The output signal from the accelerometer and the output signal from the gyro are low-pass filtered. These two signals are compared and the output signal from the gyro is compensated using an output signal from the accelerometer so that the deviation of the output signal of the gyro because of drift is decreased or eliminated. The thus produced, compensated signal constitutes an output signal from the gyro.