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Hungary’s gross wages rise 7.8% yr/yr in July

Gross monthly wages in Hungary rose 7.8% in the twelve months to July, while net wages increased 6.9% in the period, the Central Statistics Office (KSH) said on Wednesday.

Real wages - calculated with July twelve-month inflation of 6.7% - rose 0.2% year-on-year in July. Gross wages rose 8.3% in the business sector and increased 7.1% in the public sector in the year to July 2008.

Average gross wages stood at Ft 195,252 (€814) in July, resulting from an average gross wage of Ft 189,972 in the business sector and Ft 211,195 in the public sector. Net wages were up 7.1% in the business sector and 6.7% in the public sector compared to July of last year. January-July average gross wages were up 8.1% from a year earlier, including a 9.7% increase in the business sector and a 5.6% increase in the public sector.

Calculated without monthly bonuses and extraordinary one-off payments, regular gross wages rose 7.7% in January-July as the result of 8.8% rise in the business sector and 5.8% in the public sector. Regular gross wages rose 7.5% in manufacturing industries, 7.7% in the construction sector, but increased well above the average at 10.1% in agriculture.

In the service sector, regular gross wages rose 12.9% in the real-estate and renting sector and grew 10.3% in the wholesale and retail-trade and repair sector. Regular wages were up just 5.8% in the transport and telecom sector.

A 7.7% wage increase in the public administration and defense sector outpaced the average rate in the public sector, but regular wages in the education sector rose just 2.9% in the first seven months of 2008. (MTI-Econews)