Wages in real terms were 3.7 percent higher in October and thus the positive upward trend which has been in place for 22 consecutive months continued, as the latest data released by the Hungarian Central Statistical Office (KSH) show.

Over the past one year, the number of jobs increased significantly, by 53 thousand within the private sector, at enterprises with at least five employees. In the initial ten months of the year, wages in real terms increased by 3 percent in Hungary.

In the period January-October 2014, average gross monthly wage was HUF 234 400. Gross wages in the private and public sectors averaged HUF 248 900 and HUF 207 500, respectively. Excluding public work schemes, in the observed period average gross wage was HUF 246 400 within the national economy, while private sector employees earned on average HUF 250 300 and people in public sector jobs received HUF 238 500 per month.

Thus, average net wage – excluding the effect of family tax allowances -- was HUF 153 500 in January-October 2014, up by 2.9 percent year-on-year. Within the national economy, wages in real terms gained 3 percent in the initial ten months of the year. Real wage increase within the national economy totalled 5.3 percent excluding the earnings of public work employees. Within that, wage increases of 4.8 percent, 6.7 percent and 6.8 percent were recorded in the private sector, the public sector and the non-profit sector, respectively.

Since the beginning of the year, the wages of public work employees have also risen by 1.5 percent. As far as the month of October is concerned, average net wage – including public work employees -- was HUF 155 600 within the national economy. Private and public sector employees earned HUF 163 000 and HUF 141 600, respectively. As a consequence, wages in real terms increased by 3.7 percent parallel to a 0.4 percent drop in consumer prices.

(Ministry for National Economy)