SMEs augur 15% rise in costs in 2022

Analysis

Hungarian SMEs expect their costs to rise 15%, on average, next year, state news wire MTI reports, citing a representative survey by economic research institute GKI.

GKI conducted the survey of non-farm SMEs with headcount over four to better gauge the expected impact of an increase in the statutory minimum wage and higher energy prices.

The SMEs said the higher minimum wage alone would raise their costs by 7%.

Under an agreement signed by representatives of employers, unions, and the government in November, the minimum wage for unskilled workers will rise by over 19% to a gross monthly HUF 200,000, while the minimum wage for skilled laborers increases at the same rate to HUF 260,000 from the start of next year.

Small businesses augur a 17% increase in costs next year, while medium-sized businesses expect their costs to climb 13%. 

Costs are expected to rise 12% in the commerce sector, 15% in the construction sector and 17-18% in manufacturing and business services.

In a regional comparison, costs are set to rise at the fastest clip for SMEs, at 20%, in Békés County, but climb a moderate 11% in Pest County, in central Hungary.

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