Seventh report of the Helsinki GSE situation room: Largest drop in salary amount in April in Kouvola, Vaasa and Helsinki

The Helsinki Graduate School of Economics (Helsinki GSE) has established a situation room to support ministries and other public authorities in economic policy-making during the coronavirus crisis.

The Situation Room will publish its seventh report on Thursday 4 June 2020 at 8 am, and a webinar on the topic will also start at this same time in the Zoom app (link below).

This seventh report deals with and illustrates the following:

• According to the Incomes Register, the salary amount in April, minus holiday bonuses, was about 5 % lower than in 2019.
• The salary amount in the first half of May, minus holiday bonuses, was at the 2019 level.
• Among larger cities, the April salary amount reduced the most in Kouvola, Vaasa and Helsinki. The reduction was over 7 % compared to April 2019.
• Åland, Lapland and North Karelia are the provinces where the percentage drop in turnover has been highest compared to the beginning of the year (about 10 %). In terms of euros, the decline has been the greatest in Lapland and Uusimaa.
• Very small companies have suffered the most in proportion. In terms of euros, the biggest decline has been recorded for large companies.
• On average, the impact of the coronavirus crisis on net sales has been approximately only -1 %, but almost 40 % in the hotel and restaurant sector, and in other service sectors, the decline has also been great.

Link to the webinar on Thursday 4 June at 8 am: https://aalto.zoom.us/j/67975406938

The weekly webinars will be held in Finnish; they are open to everyone and free of charge.

More information on the Situation Room and its latest public reports can be found on the Helsinki GSE website https://www.helsinkigse.fi/
 

Additional information:
Otto Toivanen
Aalto University, Professor
Helsinki GSE, Academic Director
+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.