Hungary gross wages in March up 11.3 pc

The average gross monthly wage of full-time employees in Hungary increased by an annual 11.3 percent to 331,500 (EUR 1,042) in March, the Central Statistical Office (KSH) said on Wednesday.

The average monthly net wage climbed at the same pace, to 220,500 forints.

Calculating with an annualised CPI of 2 percent in March, real wages rose by 9.1 percent.

The average gross monthly wage in the private sector grew by 8.6 percent, to 342,400 forints. In the public sector, it jumped by 19.3 percent to 313,700 forints.

Péter Benő Bánai, state secretary of the finance ministry, told public television after the data release that if the economy managed to produce growth of above 4 percent in the coming few years, then wages were likely to continue rising.

He noted that since 2013, the Hungarian economy had expanded at a faster clip than the European Union average. Last year the economy grew by an annual 4 percent, and this was likely to be exceeded this year, he said, citing a ministry forecast.

Bánai also said that wage growth was balanced across the regions, and gross wages had seen double-digit rises in every county.