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Hungary’s real earnings up 7.4% in Jan-Oct

Telco

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Hungary’s real earnings were up by 7.4% in January-October, as compared to the same period the previous year, along with a 0.2% rise in consumer prices, the Central Statistical Office (KSH) announced today in a first reading of data.

Along with the 6% increase in gross earnings, net earnings grew by 7.6% due to changes in personal income tax rules, according to data by KSH. Wages and salaries – according to the internationally agreed SNA (system of national accounts) concept – were 5.9% higher than a year earlier.

Monthly average gross wages and salaries according to SNA amounted to HUF 271,600, with the share of other wages and salaries coming to 4.9% on the average. Average net earnings – excluding family tax benefits – were HUF 171,800 in the January-October period.

Looking at October alone, full-time employees’ average gross nominal earnings amounted to HUF 262,200 at corporations employing at least five people, budgetary and designated non-profit institutions, according to KSH. Average net earnings in the month were HUF 174,400 excluding family tax benefits and HUF 181,600 including them, KSH added. Along with the 5.4% increase of gross earnings, net earnings grew by 7% compared to the same period of the previous year due to changes in personal income tax rules, according to KSH.

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