Helsinki GSE Situation Room: July 2020 wage sum already at last year’s level

Economic recovery shows significant sector-specific variation.
Economicum-rakennus Arkadiankadulla. Kuva: Veikko Somerpuro
Economicum Building in Helsinki. Photo: Veikko Somerpuro

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
[email protected]

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.

  • Published:
  • Updated:

Read more news

Photo by Unto Rautio. School of Business interior, stairs from the ground floor to the 1st floor.
Research & Art Published:


We are primarily looking for students majoring in Finance, but we also welcome applications from students with other quantitatively oriented backgrounds. Completion of a Bachelor’s thesis or other relevant experience is a plus.
Mustaa puuta
Research & Art Published:

Unlocking the Mysteries of Super Black Materials: A novel wood-based solution

In the ever-evolving world of science and technology, there are certain phenomena that continue to captivate the minds of scientists, artists, and the general public alike. One such phenomenon is the enigmatic world of super black materials.
A man in a white lab coat with blue gloves holds up a vial of clear liquid while standing in front of a large microscope.
Research & Art Published:

Medical innovation makes early cancer diagnostics cheaper, faster, easier

Aalto University researcher makes two-pronged improvement on microbubble technology
Two students and a professor sitting around a table, talking and looking at laptop screen.
Research & Art, Studies Published:

Call for doctoral student tutors, January 2024

Sign-up to be a tutor for new doctoral students as part of the Doctoral Orientation Days 15-16 January 2024!