According to the flash report of the Hungarian Central Statistical Office (KSH) released this morning, wages in real terms were up by 4.3 percent last year. This has been the third consecutive year of rising real wages in Hungary. In comparison to December 2014, the number of employees at enterprises with at least five employees rose by 59 thousand. This signals steady private sector job growth in Hungary.

In 2015, gross and net wages (excluding family tax allowances) averaged HUF 247 800 and HUF 162 300, respectively, which accounts for a year-on-year increase of 4.2 percent. Taking into account family tax allowances, the KSH estimates that net wages averaged HUF 169 100. Excluding the effect of public work schemes, last year the average gross wage was HUF 263 700 in the public sector, HUF 256 400 in the private sector and HUF 240 700 in the non-profit sector.

Thanks to the 0.1 percent average drop of consumer prices, wage growth in real terms exceeded gross and net wage growth in 2015. Within the national economy, wages in real terms were up by 4.3 percent with and 4.6 percent without the effect of public work schemes.

The wages of public work employees also gained 2.3 percent in the observed period.

Thanks to multiple wage hikes, low inflation and rising minimum wages, wages in real terms have been up for the third year in a row in Hungary, which has been adding to economic growth.

Macro-economic data signal further wage increases in the future.

For detailed KSH data please visit www.ksh.hu

(Ministry for National Economy)