Salaries sum grew by 3.2% year-on-year in July to September

According to Statistics Finland’s data, the wages and salaries sum of the whole economy was 3.2% greater in the July to September period than in the corresponding period twelve months earlier.

In September, the wages and salaries sum of the whole economy grew by 2.7% from the year before. One year previously in the July to September period, the wages and salaries sum of the whole economy increased by 4.4%.

The wages and salaries sum increased faster than the whole economy in the industries of private health and social work (6.9%), other services (4.6%), financial intermediation (4.3%) and private education (4.0%) Growth was more moderate in the industries of manufacturing (2.5%), trade (2.4%) and construction (1.1%).

Wages grew more in the private sector

The wages and salaries sum in the private sector was 3.7% greater in July to September compared to one year ago. The wages and salaries sum of the public sector was 2.2 per cent higher than in the corresponding period one year previously.

In September, the wages and salaries sum in the private sector increased by 3.3% and in the public sector by 1.4% from one year earlier. In the July to September period one year ago, the wages and salaries sum grew by 5.4% in the private sector and by 3.1% 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. The wages and salaries sum is influenced by changes in employment and in the earnings level of wage and salary earners.