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Hungary’s gross wages rise 2.5% yr/yr in February

  Gross wages rose 2.5% in the twelve months to February 2009 and net wages were up 1.6%, the Central Statistics Office (KSH) said on Friday.

Regular gross wages rose more, by 4.2% year-on-year, although their growth rate slowed from 5.1% yr/yr in January.

January-February 2009 gross wages were down 1.5% and net wages fell 1.3% from a year earlier. Regular wages were up 4.7% yr/yr in the first two months.

The drop or slow rise in overall wages reflected changes in the way annual bonuses are paid in the public sector which limited the twelve-month growth of public sector wages to 1.5% in February after pushing them down 23.7% yr/yr in January, resulting in a 13.1% yr/yr drop in the first two months.

Excluding bonuses and other one-off payments, public sector regular gross wages rose 3.0% in February and were up 3.2% in the first two months.

The twelve-month growth of business sector gross wages slowed to 3.0% in February from 5.4% in January, resulting in a 4.2% yr/yr rise for the first two months.

Regular wages growth in the business sector also slowed, to 4.7% yr/yr in February. Regular wages in the sector rose 5.2% in the first two months from a year earlier.

The wage rises compare to 3% twelve-month inflation in February and average 3.1% inflation in the first two months. (MTI-Econews)