KSH: Gross wages in Hungary increased by an annual 14.6%
Net wages were up by 14.5% year on year, while real wages rose by an annual 10.4%.
Net wages were up by 14.5% year on year, while real wages rose by an annual 10.4%.
The national economy ministry said it indicated that retail sales had passed the low point and were “in the recovery phase”.
Net wages were up by 14.0% year on year, while real wages, calculated with a November inflation rate of 7.9%, rose by an annual 5.7%.
Government sector revenue rose by 12.7% to 7,661 billion forints, while expenditures climbed 7.7% to 8,362 billion.
The growth was driven by the leading sectors in Hungary, such as vehicle manufacturing and the manufacturing computer, electronics and optical products.
The average gross wage in Hungary climbed by an annual 15.4 percent to HUF 503,500 (EUR 1,216) in June.
KSH said Hungarian retail sales in June grew by an annual 4.1 percent, down from 12 percent growth in May.
The unexpectedly strong GDP growth in the first quarter may have been partly due to the outstanding growth in investment.
The average gross wage of full-time employees in February was HUF 546,000 (EUR 1,470).
The Central Statistical Office (KSH) said growth was driven by bigger public sector paycheques and a minimum wage rise.
Output growth of Hungary’s construction sector slowed to an annual 3.3 percent in January, after climbing in the double digits since the spring of 2021, decelerating on a decline in the building segment.
State Secretary Péter Cseresnyés said retail sales growth in December had reached pre-pandemic levels.
Hungary’s jobless rate was at 3.7 percent in December, falling from 4.1 percent in the same month a year earlier and level with the rate in November.