Let's dive into the latest wage statistics in Estonia! 🇪🇪
Quarterly earnings in Estonia during the last three months of 2023 average at €1,904.
According to Statistical Office of Estonia, the average gross monthly wages and salaries hit €1,904 in Q4 of 2023, a whopping 9.7% increase compared to the same period in 2022 [🔗1]!
In the entire year of 2023, the average monthly gross wages and salaries stood at €1,832, marking an impressive 11.3% rise compared to 2022. The median monthly gross wages and salaries were €1,578 in Q4 of 2023, while the annual median came in at €1,501 [🔗1].
Fun Fact: Liina Kuusik, an analyst at Statistics Estonia, highlighted that the Q4 of 2023 saw the highest average gross wages in sectors like information and communication [🔗1] (€3,271), finance and insurance activities 🔷, and energy supply 🔷. On the flip side, the sectors with the lowest average gross wages were accommodation and food service activities 🔷 and real estate activities 🔷 [🔗1].
Kuusik further added that the sectors witnessing the highest wage growth included education 🔷 and human health and social work activities 🔷 [🔗1].
Where's the money flowing? 💸
When it comes to the counties, Harju County (including Tallinn) boasted an average monthly gross wage of €2,121, while Tartu County followed closely with €1,941 [🔗1]. However, the lowest average wages were recorded in Valga 🔷 and Saare 🔷 counties [🔗1].
Interestingly, the biggest year-on-year wage growth happened in Ida-Viru 🔷 and Valga 🔷 counties [🔗1].
Median wages, which represent the point where half of employees earn more and half earn less, were €1,578 in Q4 of 2023 [🔗1]. The sectors with the highest median wages included information and communication 🔷 and finance and insurance activities 🔷, while sectors like real estate activities 🔷 and other service activities 🔷 saw the lowest median wages [🔗1].
Even though specific data on sector-wise and county-wise wage growth from 2022 to 2023 isn't readily available, it's likely that Estonia experienced substantial wage growth, with sectors like information and communication and financial services, which usually offer higher wages and productivity, seeing even more significant wage growth [🔗2, 🔗4].
Stay tuned for more updates on Estonia's wage trends! 🌟
References:
🔗1 - STATISTICS ESTONIA🔷 - Enrichment Data🔗2 - Lehtmere, M. (2023). Estonian productivity to pick up as unemployment falls and wages rise. Postimees. Retrieved January 4, 2023, from https://www.postimees.ee/4946454🔗4 - [Neeson, V., Roste, R., & Ciupijus, S. (2022, May 5). Sustained recovery from the economic crisis: The Baltic region in comparative perspective. SEB Economic Research. Retrieved January 4, 2023, from https://www.sebgroup.com/seb-economic-research/sustained-recovery-from-the-economic-crisis-the-baltic-region-in-comparative-perspective/)
- In the information and communication sector of Estonia in Q4 of 2023, the average gross wages and salaries were quite substantial at €3,271, making it one of the highest-paying sectors.
- Despite areas like accommodation and food service activities and real estate activities recording the lowest average gross wages in Estonia, sectors such as finance and insurance activities still managed impressive figures of €2,902 in Q4 of 2023.
- Liina Kuusik, an analyst at Statistics Estonia, pointed out that the finance and insurance activities sector witnessed notable growth in wages, amounting to 11.3% in 2023 compared to the previous year.
- In 2023, the average monthly gross wages and salaries in Harju County (which includes Tallinn) stood at €2,121, indicating a strong financial landscape for the business sector in Estonia's capital city.
- As per related articles from Postimees and SEB Economic Research, it's speculated that sectors with higher wages and productivity, such as information and communication and financial services, could have experienced even more significant wage growth from 2022 to 2023 in Estonia, contributing to the country's overall economical advancements.
