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Hungary: Real Income Shrinks
The Hungarian economy faces a substantial recession this year. Despite growing gross incomes, real income decreased by 4% last year.
Hungary: Real Income Shrinks / Picture: © Vindobona.org
According to the Hungarian Statistical Office, the average gross income was up by 6.4% last year. In the private sector, gross salaries grew by 9.4%. In the public sector, a decline of 0.6% was registered. However, real income was down by 4.2% in the first four months of 2012.
What is more, about 30,000 people have lost their jobs in the private sector. Due to low-paid public…
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