The average gross wage for full-time workers in Hungary grew by an annual 11.5% to 358,876 forints in August, the Central Statistical Office (KSH) said. Net wages grew at the same pace, reaching 238,653 forints. Calculating with twelve-month inflation of 3.1% in August, real wages were up 8.1%.
Commenting on the KSH data, Finance Minister Mihály Varga noted that in the first half of the year the economy grew by an annual 5%, leading to persistent growth in wages, especially in the service sector, industry, construction, commerce and agriculture. The current investment boom has also led to increased demand for labour, he said, adding that the higher minimum wage both for skilled and unskilled workers had put upward pressure on wages in sectors such as agriculture in which wages are lower than average.