Gross wages in Hungary grew by an annual 9.8 % in February, the Central Statistical Office (KSH) said.
Gross wages averaged 414,400 forints (EUR 1,144) and 275,600 after tax. The average gross wage in the business sector, which includes state-owned companies, rose by 8.8% to 426,200 forints, excluding fostered workers. The average gross wage in the public sector, excluding fostered workers, increased by 13.3 % to 431,600 forints. Calculating with twelve-month consumer price inflation of 3.1%, wages rose by an annual 6.5%, KSH said.
Senior analyst of Takarékbank András Horváth said wage growth in February was above expectations. Employers are forced to continue raising wages in order to retain and attract workers and as a result of the inflationary environment, he added. ING Bank senior analyst Péter Virovácz said the data surprised on the upside. Full-time employment increased in the business sector in February and it reflected workforce demands in sectors characterised by higher-than-average wages, he said. K&H senior analyst Dávid Németh said the growth in wages for doctors, judges, prosecutors and kindergarten workers greatly contributed to the wage statistics. He projected a real wage growth rate of around 5% for the whole of 2021.