Are we there yet? Wage growth in Hungary exceeds neighbours’

Wage growth in Hungary exceeds that in neighbouring countries, the state secretary for employment policy said on public radio on Thursday.

Annualised gross wage growth in Hungary reached 9.2% in the first quarter, beating the 8.2% increase in Poland, the 6.7% rise in Czechia and 4.9% growth in Slovakia, Sándor Czomba said.

He noted that the latest wage data, for May, show the monthly gross average wage stands over HUF 700,000 (EUR 1,750), while the net average wage is a little under HUF 500,000 (EUR 1,250) and the net media wage is close to HUF 400,000 (EUR 1,000).

Net wages of Hungarians who earn below the median wage are climbing at a faster pace, indicating lower earners’ convergence, he said. He added that the only county in the country where the average gross wage fell short of HUF 500,000/month last year was Szabolcs-Szatmár-Bereg, in the northeast.

The data show the monthly gross average wage is over HUF 1 million (EUR 2,500) in three sectors, IT, finance and energy, while people working in commercial accommodations, typically the lowest earners, are making over HUF 400,000/month, he said.

The number of employed is over 4.6 million in Hungary, but the labour market remains tight, ensuring wage growth dynamics will continue in the coming period, he added.

Read more Hungarian economy-related news on Daily News Hungary.

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