Wages, salaries grow by 8.5% in Q2

The wages and salaries sum of the whole economy was 8.5 per cent higher in the April to June period than in the corresponding period twelve months earlier, according to Statistics Finland.

In June, the wages and salaries sum of the whole economy increased by 9.9 per cent from the year before. The development was partly due to the exceptional situation caused by the coronavirus one year earlier. One year previously, the wages and salaries sum of the whole economy fell by 3.9 per cent.

The wages and salaries sum grew in all main industries in April to June. The growth in the wages and salaries sum was fastest in private health and social work (13.9%), private education (11.4%), other services (11.0%), trade (9.3%) and manufacturing (7.2%). The wages and salaries sum grew more moderately in the industries of financial intermediation (4.8%) and construction (5.9%).

The wages and salaries sum in the private sector was 9.7 per cent higher in April to June than twelve months earlier.

The wages and salaries sum of the public sector was 6.8 per cent higher than in the corresponding period one year previously. In June, the wages and salaries sum in the private sector increased by 11.0 per cent and in the public sector by 9.0 per cent from one year earlier.

In the April to June period one year ago, the wages and salaries sum fell by 5.8 per cent in the private sector and grew by 1.8 per cent in the public sector from the year before.