BUDAPEST: The Central Statistical Office (KSH) said that average gross wages in Hungary rose by an annual 3.4% to 234,367 forints (778 euros) in February. Net wages rose at the same pace to 153,511 forints.
Hungarians took home 12,446 forints in bonuses in February, on average, 9.5% more than in the same month a year earlier. Excluding the impact of fostered workers, who earned just 78,544 forints in February, gross wages were up by 2.6% at 245,357 forints.
In the business sector, which includes state-owned companies, gross wages were up by 3.5% at 249,096 forints. In the public sector, gross wages increased by 2.2% to 206,086 forints. The number of employed in Hungary increased by 1.9% in the year to February, to 2,856,000. The number included 168,900 full-time fostered workers. The number employed in the business sector was up by 3.6% at 1,902,500. The number in the public sector fell by 1.5% to 849,500.
TakarékBank analyst Gergely Suppán said wages were expected to rise by around 4% this year as inflation stands at about zero. He added that the increase in demand for labour in the business sector was an encouraging sign. K&H Bank chief analyst Dávid Németh said the February wage growth was in line with expectations. He forecast real wage growth at 3.5% for this year.
