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Gross wage growth slows to 5.2% yr/yr in October

Gross wages in Hungary rose 5.2% yr/yr in October, the Central Statistics Office (KSH) said on Friday.

Wage growth slowed from a 6.5% increase yr/yr in September. Wage growth in annual comparison accelerated from June’s 4.6% until September.

Gross wages rose 3.5% in twelve months in the business sector, slowing from 5.4% in September, and public sector gross wages were up 8.2% yr/yr, somewhat faster than the 8.0% increase in September.

Excluding the wages of those employed in public work schemes, public sector wages rose 3.1% yr/yr in October.

Regular gross wages, excluding one-off items and bonuses, rose 4.3% yr/yr in October, also less than the 4.8% increase in September, and public sector regular wages rose 7.5%. Regular wages in the business sector rose more than headline wages did while the pace of growth was lower for regular wages in the business sector.

Excluding those employed in public work schemes, regular public sector wages rose 2.5% yr/yr in October.

Net wages rose 5.7% yr/yr in October after increasing 6.8 % in September. Net wages rose 5.6% yr/yr in the business sector after a rise of 7.2% in September, and were up 5.1% in the public sector, after adding 4.9 % in September.

January-October gross wages were up 4.4% yr/yr, including 4.9% higher wages in the business sector and 2.3% higher wages in the public sector.

Regular gross wages in the first nine months rose 5.2%, with a 4.2% rise in the business sector and a 6.7% rise in the public sector.

January-October net wages were up 5.7 % yr/yr. They grew 7.5% in the business sector, and 0.8% in the public sector.

KSH said that about 46% of full-time public sector employees received an average HUF 5,200 a month in the first nine months as compensation for the effect of personal income tax changes which reduced their net wages. The compensation is not part of the wage.