Financial News: Estonia's Average Wages And Salaries Rise 8.9% In

Estonia's Average Wages And Salaries Rise 8.9% In 2022

03/06/2023 - 01:57:00 (RTTNews)

(RTTNews) - Estonia's average gross wages and salaries increased at a faster pace in 2022, yet people's purchasing power remains low as real wages decreased compared to last year, data from Statistics Estonia showed on Monday.

The average monthly gross wages and salaries grew 8.9 percent to EUR 1.685 billion in 2022. This was faster than the 6.9 percent gain in 2021.

The information and communication industry again registered the highest average gross wages and salaries over the past year. That was followed by gains in the financial and insurance activities and energy sectors.

The lowest wages and salaries were seen in real estate and accommodation and food service activities.

Data showed that the average real wages declined 8.8 percent in 2022 compared to the previous year.

The average gross wages and salaries were 9.2 percent higher than the corresponding period last year during the fourth quarter. Average real wages fell 9.3 percent annually.

The figures for real wages actually reflect the purchasing power of households that are calculated taking into account the consumer price index, Statistics Estonia analyst Argo Tarkiainen said.

"So we can see that while average wages and salaries are steadily increasing, people's purchasing power is still lower than it was before the crisis," Tarkiainen added.

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