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Jun 21, 2017

Hungary's average gross monthly wage grew by a phenomenal 14.6 percent annually

Mihály Varga, minister for National Economy, said that real wages have been successively rising in Hungary for the past 52 months in every major sector

Hungary's average gross monthly wage grew by a phenomenal 14.6 percent annually to 303,011 HUF (986 EUR) in April, KSH has revealed.

According to MTI, net wages grew at the same pace as gross wages, climbing a similar 14.6 percent, to 201,502 HUF.

KSH noted that wages have been boosted by a higher minimum wage as well as pay increases for social services and healthcare workers and some state employees.

According to official numbers, excluding the 169,300 Hungarians in public work programs in April, the average gross wage rose by 13.4 percent to 317,507 HUF, while net wages also increased by 13.4 percent, to 211,141 HUF. The number of fostered workers was up from 149,300 HUF in March, but it was still the lowest figure since March 2015.

Mihály Varga, minister for National Economy, said that real wages have been successively rising in Hungary for the past 52 months in every major sector. He said he was hopeful that the trend would continue in the following months.

Minister Varga added that the extent of the rise had surprised on the upside. The ministry had projected real wage growth of an annual 8.0-8.5 percent, whereas in the first four months of the year it actually went up by an annual 9.2 percent, he added.