Cost of labour falls in Finland at the highest rate in the European Union
According to the latest statistics the cost of labour fell in Finland. According to the numbers from Eurostat, a pan-european organization, the results show that the cost fell the most in whole of the European Union.
In the spring of 2016 Finland leaped in the competitivity race as the cost of employment fell compared to other countries. The most significant comparison countries are Germany and Sweden, whose cost of employment continued to rise.
The total cost of employing staff fell by 2,0 percent in the period from April to June in Finland. During the same period Germany recorded an increase of 1,8 percent and Sweden an increase of 2,5.
This means that compared to Sweden, for example the average cost of employing fell by 4,5% compared to Sweden. The average growth rate in the European Union was 1,0 where the previous period (January-March) it was 1,6 percent.
The comparison is strictly about the change of the change, not the absolute level of employment. So the results don't show that the cost of employment would be the lowest in europe, but the change towards lower cost is the fastest.
In addition to Finland, only Italy and Luxembourg managed to record a drop in costs in the statistics. Long term trends are not showing a continuous trend of such dramatic results for Finland.