EconomyStatistics

Stats Office: Wages In Hungary Up By Annual 15 Percent

The average gross monthly wage in Hungary grew by an annual 14.6 percent to 303,011 (EUR 986) in April, the Central Statistical Office (KSH) said on Wednesday.

Changes in avarage monthly earninings in Hungary between January-April 2017 (source: ksh.hu)

Net wages grew at the same pace as gross wages did, also climbing annually 14.6 percent, to 201,502 forints. In the first three months of this year both net and gross wages grew 11.9 percent. KSH noted that wages have been boosted by a higher minimum wage as well as pay increases for social services and health-care workers and some state employees. Excluding the 169,300 Hungarians in public work programmes in April, the average gross wage rose by 13.4 percent to 317,507 forints, while net wages also increased by 13.4 percent, to 211,141 forints. The number of fostered workers was up from 149,300 in March, but it was still the lowest figure since March 2015.

Hungarian Economy Minister Mihály Varga told public television after the data release that real wages have been successively rising in Hungary for the past 52 months in every major sector. He said he was hopeful that the trend would continue in the following months, too. Varga added that the extent of the rise had surprised on the upside. The ministry had projected real wage growth of an annual 8.0-8.5 percent, whereas in the first four months of the year it actually went up by an annual 9.2 percent, he added.

via MTI and ksh.hu