Rate of Hungarian wage increase in Q3 third highest in EU

In the third quarter of 2024 the pace of wage increases in Hungary, compared to the same period of last year, was the third highest in the European Union, business news site portfolio.hu said on Tuesday quoting data from Eurostat.

Eurostat data show that in Q3 2024 the hourly labour costs rose by 5.1pc in the EU, compared with the same quarter of the previous year. The costs of hourly wages and salaries increased by 5.0pc and the non-wage component increased by 5.3pc.

In Q3 the highest increases in hourly wage costs for the whole economy were recorded in Romania (+17.1pc), Croatia (+15.1pc), Hungary (+14.1pc).

The non-wage component in Hungary was up 12.8pc in the third quarter, the sixth highest number in the EU. Hourly labour costs were up 13.9pc, again the third highest rate.