In May 2012 average gross wages in the private sector increased by 9.4 percent, whereas net wages excluding family tax allowances were 6.5 percent higher in comparison to the same period of the previous year, which signals a wage increase above inflation -- the Hungarian Central Statistical Office (KSH) has reported earlier this morning in its statistical release.

Average gross wages of the full-time employed were 225 700HUF in April 2012 in the national economy which corresponds to an increase of 6.4 percent compared to the corresponding period of the previous year. Net wages – which averaged 145 900HUF – were up by 3.8 percent compared to May 2012 (this figure, however, does not take into consideration the favourable impact of family tax allowances for children). The net wage increase which is muted compared to the dynamic growth of the past year is primarily a result of the rising significance of the public employment sector.

Average gross wages of private sector employees were 237 300HUF in May, while net wages were 153 200HUF after an increase of 6.5 percent which has been higher than inflation. Consequently, the private sector registered real wage growth. Average monthly gross wages of the full-time employed at budgetary institutions – excluding public work employees – increased by 6.2 percent compared to the same period of the previous year to 219 000HUF, whereas net wages were 141 800HUF after an increase of 4.7 percent.

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

(Nemzetgazdasági Minisztérium)