Finnish salaries sum grew by 2.6% year-on-year

The wages and salaries sum of the whole Finnish economy was 2.6% greater in the December to February period than in the corresponding period twelve months earlier.

According to the latest data published by Statistics Finland, in February the wages and salaries sum of the whole economy grew also by 2.6% from the year before. However, this growth was smaller than last year's: one year previously in December to February, the wages and salaries sum of the whole economy increased by 4.1%.

The wages and salaries sum grew in December to February in all main industries.

The growth was fastest in private health and social work (8.4%), construction (4.4%), other services (4.0%), private education (3.5%) and trade (2.7%). The increase in the wages and salaries sum was most moderate in manufacturing (1.2%) and financial intermediation (1.6%).

Higher growth in the private sector

The wages and salaries sum in the private sector was 3.6% greater in December to February than twelve months earlier.

The wages and salaries sum of the public sector was 0.4% higher than in the corresponding period one year previously.

In February, the wages and salaries sum in the private sector increased by 2.8% and in the public sector by 2.5% from one year earlier. In the December to February period one year ago, the wages and salaries sum grew by 4% in the private sector and by 5.7% in the public sector from the year before.

The wages and salaries sum refers to the sum total of the gross wages and salaries paid to employees without incentive stock options. This sum is influenced by changes in employment and in the earnings level of wage and salary earners, explains Statistics Finland.