Swedbank: Average wage increased but less than before the crisis

SwedbankIn the fourth quarter, in Estonia, average gross wage amounted to 1515 euros, up by 2.9%, over the year. In 2020, the average wage increased by 2.9%, too. That is much less than before the crisis, for example, in 2015-2019, the average gross wage rose by around 7% a year.

In 2021, we expect wage growth to continue, amounting to a modest 3.5%. Due to a surge in coronavirus cases, the government has recently introduced new restrictions, and is also planning a wage-support mechanism in the sectors that have been closed.

Economic situation varies a lot across sectors like in other countries. In the fourth quarter, wage growth amounted to almost 10% in IT, agriculture, and mining, while the average wage declined in trade, tourism, entertainment.

 

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