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The latest information from the Helsinki GSE Situation Room reveals that the July 2020 wage sum has reached the level July 2019. Professor Otto Toivanen, Academic Director of Helsinki GSE, finds the recovery of the wage sum good and important news.

‘The wage and salary data obtained from the Incomes Register is one of the fastest reliable sources of information on the state of the economy available to the public authorities. The information just received from the Incomes Register strongly indicates that the Finnish economy is swiftly recovering from the collapse caused by the first wave of coronavirus. We have moved from a drop of more than 8% in the May wage sum to slightly on the plus side’.

Economic recovery shows significant sector-specific variation. Considerable increase has been seen in the construction sector, which has already exceeded the 2019 wage sum by 6%. Industry, too, has reached last year’s level.

The accommodation and restaurant sector still gives cause for concern, as the wage sum paid in the sector in July 2020 was 20% lower than the sum for the corresponding period in 2019. However, a clear increase was also seen in this sector compared to June, when the wage sum was 40% lower than the year before.

‘It is particularly promising that, in almost all sectors, the situation in July is better than it was in June.’

Further information:
Professor Otto Toivanen
+358 50 353 7651
otto.toivanen@aalto.fi

Helsinki Graduate School of Economics is a joint teaching and research unit in economics of Aalto University, University of Helsinki and Hanken School of Economics.