Gross average wages in the private sector increased by 9.2 percent in July 2012, whereas net wages excluding family tax allowances were up by 6.2 percent compared to the corresponding period of the previous year – the Hungarian Central Statistical Office (KSH) reported earlier today in a statistical release.

In July 2012 gross average wage of full-time employees was 225 200HUF in the national economy which corresponds to an increase of 7.1 percent compared to the same period of the previous year. Net wage – at 145 200HUF – was 4.4 percent higher in comparison to July 2011. This figure, however, does not take the positive impact of family tax allowances into consideration. Net wage increase, which is slightly less dynamic compared to the pace of growth last year, has been a consequence of the larger influence of public employment schemes.

Gross average wage of private sector employees was 230 400HUF in July, while net wages amounted to 148 500HUF after they increased by 6.1 percent, beating inflation. Consequently, the private sector recorded real wage growth. Gross average monthly wage for full-time employees at budgetary institutions – excluding public work employees – was up by 8.1 percent compared to the corresponding period of the previous year and it currently is 232 400HUF. On the other hand, net wage amounts to 150 000HUF after rising by 6.4 percent, also a figure above inflation, and thus there was a real wage increase in this sector as well.

Employees in the financial and insurance sectors have continued to be top earners followed by information and communication as well as energy industry sectors. Wages were the lowest in the hotel trade and catering sectors.

(Ministry for National Economy)