Hungary's gross wage growth eases to 4.6% in 2012.

By bne IntelliNews February 22, 2013
Hungary's average monthly gross wage increased by 4.6% y/y to HUF 222,990 (EUR 759) in 2012, easing from a 5.2% growth in 2011, data from the statistics office said. The growth was supported by a 7.2% y/y increase in the business sector, while the wages in the public sector witnessed a 1.7% y/y decrease in 2012. In December 2012 alone, the gross wage in Hungarys economy rose by 4.9% y/y, following a 5.4% y/y hike in November. The average earnings in the business sector grew by 8.3% y/y to HUF 260,243 in December, faster than Novembers growth of 6.3% y/y. By contrast, wages in the public sector declined by 3.2% y/y to HUF 205,848 in December reversing from an annual rise in the previous month. The average net wage in the country, excluding family tax benefits, was 3.1% higher on the year at HUF 157,051 in December 2012. The growth could be attributed to the business sectors, where the average net earnings advanced by 6.2% y/y, while net wage in the public sector again saw a 4.3% y/y drop. In terms of nominal value, the best paid sectors in December 2012 continued to be financial and insurance activities (HUF 459,700), information and communication (HUF 410,100) and electricity, gas, steam and air conditioning supply (HUF 403,900). At the bottom of the ranking stayed the accommodation and food services sector (HUF 139,700) as well as human health and social work activities (HUF 151,400).

Hungary's gross wage growth eases to 4.6% in 2012.

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