Surprise in the EU average salaries: Hungary overtakes one country
Hungary’s average salary has overtaken Greece’s, placing it third from the bottom among EU countries, according to the latest Eurostat data. For four consecutive years, the country held the penultimate position, ahead only of Bulgaria, but the 2024 figures reveal a shift.
Still not very complimentary situation
In 2023, the average annual gross wage for full-time employees in Hungary was EUR 18,461 when converted to euros. This is higher than Bulgaria’s EUR 15,387 but lower than Greece’s EUR 17,954, putting Hungary just above Bulgaria and Greece at the bottom of EU salary rankings. Nearby countries such as Slovakia, Romania and Poland have average wages exceeding EUR 20,000 per year, writes hvg.
Luxembourg tops the list with an average annual wage close to EUR 83,000, followed by Denmark at EUR 71,600 and Ireland at EUR 61,100. The overall EU average stands at around EUR 39,800 — more than double the Hungarian figure.
Hungary’s relative position has deteriorated over the past two decades. Between 2003 and 2005, the country ranked ninth lowest among EU member states. By 2010, this had worsened to the fifth lowest, and since 2014 Hungary has consistently been third from bottom until last year, when Greece dropped behind.
Not growing as fast as the EU average, and costs of living were not counted in
It is important to note that these figures measure gross income converted to euros without adjusting for purchasing power or the actual cost of living. When household consumption and local prices are considered, Hungary remains one of the EU’s poorest countries.
Despite an average 5.2% wage growth across the EU in 2023, reaching EUR 39,800, Hungary’s average salary increased only modestly to about EUR 18,500, still less than half the EU average and ranking among the three lowest in the bloc alongside Bulgaria and Greece.