Are you sure?

Hungary gross wage growth slows to 0.9% in Feb

Twelve-month gross wage growth in Hungary slowed to 0.9% in February from 6.5% in January, the Central Statistics Office (KSH) said on Friday. Regular gross wages rose more, by 3.2% yr/yr, boosted by a 5.2% rise in business sector regular wages. The number of employees was down 2.2% yr/yr, including a 5.6% drop in the business sector.

The January increase was boosted by semi-annual wage-supplement payments in the public sector.

Gross wages rose 4.0% in the business sector and fell 6.2% in the public sector in February, more or less returning to returning to their 2009 pattern.

Gross wages rose 0.5% in 2009 as business sector gross wages rose 4.3% and public sector wages fell 7.9% last year, the latter dragged down by a change in public- sector bonuses, which actually lowers the base for this year.

January-February gross wages rose 3.7%, including a 4.6% rise in the business sector and a 1.6% increase in the public sector.

Excluding one-off items and bonuses, regular gross wages rose more than gross wages did, by 3.2% in the twelve months to February after a 2.9% rise in January. The two-month rise was 3.0% after a 3.4% rise in 2009.

The higher twelve-month rise reflected a pick-up in business sector regular wage growth, to 5.2% yr/yr from 4.7% yr/yr in January. Business sector regular wages rose at the biggest twelve-month pace since 5.6% in June. January-February regular wages were up 4.9% in the sector, a touch down from last year's average rise of 5.0%.

Regular wages in the public sector were down 1.2% in one year in February, as they were in January. January-February regular wages in the public sector actually rose 1.3% if those employed on public work schemes were excluded. Regular wages in the sector has been down each month since last June, and they fell 0.3% in 2009.

Net wages increased 7.7% in February, and were up 10.3% in the first two months from a year earlier. Net wages rose steeper than gross wages because of personal income tax changes taking effect at the start of the year.

Real wages were up 1.9% in February, calculating with February CPI of 5.7%. January-February real wages rose 4.0%, boosted by the tax changes and by the January one-off payment in the public sector.

Net wages increased 7.7% in February, and were up 10.3% in the first two months from a year earlier. Net wages rose steeper than gross wages because of personal income tax changes taking effect at the start of the year.

Real wages were up 1.9% in February, calculating with February CPI of 5.7%. January-February real wages rose 4.0%, boosted by the tax changes and by the January one-off payment in the public sector.

Net wages rose 1.7% and real wages fell 2.4% last year. Average employment fell 3.7% in 2009.

The number of employees was down 2.2% yr/yr at 2.616 million in February as business-sector employment fell 5.6% in one year to 1.772m and public-sector employment rose (on the effect of public employment schemes) by 5.1% to 745,400. Employment number in the business sector fell almost 10,000 from January.

In January-February, the number of employees was down 2.6% yr/yr, including a 5.9% drop in the business sector and a 4.5% increase in the public sector. Excluding those employed on public work schemes, employment in the public sector fell 0.7% from January-February 2009. (MTI-ECONEWS)