The price and wage setting survey of Estonian businesses
Eesti Pank conducts the price and wage setting survey of Estonian businesses to analyse the development of prices and wages and the wage setting practices in Estonian companies.
The price and wage setting survey of Estonian businesses has been run five times in 2005, 2007, 2009, 2014 and 2022. The waves of the survey in 2007, 2009 and 2014 took place within the framework of the Wage Dynamics Network organized by the European Central Bank and the national central banks of the European Union, and similar surveys were conducted simultaneously in a large number of EU countries. The most recent wave of the survey was run in spring 2022 jointly with the research firm Kantar Emor.
The impetus for the survey in spring 2022 came from rising inflation in Estonia. The survey gathered information on how businesses in Estonia have reacted to the sizeable economic shocks in recent years, what further changes they were expecting in the economic climate, and how their price and wage setting practices had changed over the recent years.
The price and wage setting surveys of Estonian businesses give important information on how the economy adjusts to changes in comparison to other countries and how flexible price and wage setting is in Estonia, which can be used for assessing the outlook for Estonia’s economic development.