Monday 8/10/20

Wages and salaries sum grew by 3.1% in the first quarter

Growth was higher in the private sector.
Wages and salaries sum grew by 3.1% in the first quarter

The wages and salaries sum of the whole economy was 3.1% greater in the first quarter of 2020 than in the corresponding period twelve months earlier, according to Statistics Finland's data.

The wages and salaries sum refers to the sum total of the gross wages and salaries paid to employees without incentive stock options.

In March, the wages and salaries sum of the whole economy grew by 2.2% cent from the year before. One year previously in January to March, the wages and salaries sum of the whole economy increased by 4.2%.wages-salaries-1q-2020

The wages and salaries sum grew in January to March in all main industries.

The growth was fastest in the industries of private health and social work (8.2%), other services (4.6%), construction (3.6%), private education (3.8%) and financial intermediation (3.9%). Growth was most moderate in the manufacturing (1.6%) and trade (3.3%) industries.

Higher growth in private sector

The wages and salaries sum in the private sector was 4.1% greater in January to March than twelve months earlier. In the public sector, the growth was 1%.wages-salaries-public-private-1q-2020

The wages and salaries sum in the private sector increased in March by 2% and in the public sector by 2.2% from one year earlier.

In January to March one year ago, the wages and salaries sum grew by 4.2% in the private sector and by 5.5% in the public sector from the previous year.

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