“Wages and salaries increased by 10.7 percent in the first eight months of 2019, meaning the increase in wages in Hungary has been in double figures for the third year running”, Minister of Finance Mihály Varga said, commenting on the latest earnings figures published this morning. “During the past year, calculated in the national currency, gross wages have increased by the highest level in Hungary from among the countries of the Visegrád Group (V4), which is also greatly assisting the growth of the Hungarian economy via increasing consumption”, the Minister highlighted.
“As a result of the tax cut and wage agreement concluded in 2016, every Hungarian worker took home on average of over one month’s wages more in 2017 and 2018”, Mr. Varga pointed out.
As he explained, the positive processes have continued this year, with wages increasing by 10.7 percent within the national economy and by 11.4 percent within the private sector, while real wages increased by over 7 percent. In regional comparison, it is remarkable that from among the countries of the Visegrád Group net earnings calculated in euros increased by the second highest rate in Hungary between 2010 and 2018, after Poland.
The Minister highlighted the fact that promoting the efficiency-increasing development projects of Hungarian enterprises is contributing to a further increase in employment with relation to jobs that are capable of generating high added value, and this is also tangibly facilitating an increase in salaries.
Mr. Varga said that according to the Ministry’s expectations wages in Hungary will continue to increase in the upcoming period, meaning Hungarian wages can continue to catch up as they have done in previous years, and the financial situation of Hungarian families can continue to improve.
(Ministry of Finance)