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Hungary August gross wages 7.8% to 10.0% in July

Gross wages rose 7.8% in August from a year earlier, down from an increase of 10% in July. The January-August increase came in at 8.1% the Central Statistics Office (KSH) reported.

Real wages (inflation adjusted) declined 6.3% in the first eight months of the year, compared to a decline of 6.2% recorded in the first seven months of 2007, while inflation was 8.5% in the first eight months of 2007.

Gross average wage in the private sector rose by 8.0% from last year to Ft 174,000, down from +10.8% year on year in July. In the public sector, gross wages were up 8.0% compared to July's 9.3% increase, the statistics showed. Gross wages in the private sector excluding bonuses rose 10.4% on the year in August, compared with an annual 11.2% rise in June.

The year-on-year growth of the net average wage came in at 1.4%, down from +3.1% in July. The January-August increase was 1.7%. Net average wage in the sector was about Ft 115,000 in August. The number of employed fell in August by 1.5% year-on-year to 2.75 million. In the private sector this number fell 0.6% on the year to 1.93 million, while in the public sector it was down 5.3% from a year earlier said KSH.