Published: November 23 2023
Workers in Hungary are celebrating an increase in wages, according to recent data from the Central Statistical Office. Gross wages grew by 14.1 percent in September, with the average net wage also seeing a similar increase.
The Increase in Wages
Gross wages in Hungary saw an annual growth of 14.1 percent in September. The average net wage, including benefits, also rose by the same percentage. Additionally, the average gross wage without benefits increased by 14.9 percent.
Impact on Real Wages
Real wages in Hungary experienced a 1.7 percent increase when taking into account a September CPI of 12.2 percent. This marks a turnaround in real wages, as they had previously been on the decline. The government aims to continue this trend and support dynamic wage growth to further increase real wages by 4-5 percent next year.
Government Measures
The government of Hungary has implemented various measures to combat inflation and support economic growth. These include online price monitoring and mandatory supermarket discounts. These efforts have brought down inflation into single digits by October. The government's goal for 2023 is to further reduce inflation and focus on restoring economic growth in 2024.
Positive Outlook
The recent data on wage increases in Hungary indicates encouraging macroeconomic trends. With inflation decreasing and the economy on a growth path, workers can expect to see their purchasing power rise once again. The government remains committed to supporting wage growth and maintaining a positive economic environment.
Source: MTI
Questions & Answers
How much did gross wages increase in Hungary in September? Gross wages in Hungary grew by an annual 14.1 percent in September.
What was the average net wage in Hungary in September? The average net wage, including benefits, rose by 14.1 percent to HUF 384,900 (EUR 1011).
What was the average gross wage without benefits in Hungary in September? The average gross wage without benefits increased by 14.9 percent to HUF 537,000 (EUR 1414).
By how much did real wages increase in Hungary in September? Real wages increased by 1.7 percent, taking into account a September CPI of 12.2 percent.
When did the turnaround in real wages take place in Hungary? The turnaround in real wages took place in September, with the purchasing power of wages on the rise again for the first time since August 2022.
What measures did the Hungarian government take to bring down inflation? The Hungarian government implemented targeted measures such as online price monitoring and mandatory supermarket discounts to bring down inflation into single digits by October.
What is the government's goal for 2023 in Hungary? The government's goal for 2023 in Hungary is to reduce inflation.
What is the government's goal for 2024 in Hungary? The government's goal for 2024 in Hungary is to restore economic growth.
How does the government support wage growth in Hungary? The government supports and helps maintain dynamic wage growth in Hungary to increase real wages by 4-5 percent next year.
What are the current macroeconomic trends in Hungary? The current macroeconomic trends in Hungary include dynamically decreasing inflation and the economy and real wages being back on a growth path.
