Hungary: Real Income Shrinks

BusinessEconomy ♦ Published: July 25, 2012; 20:06 ♦ (Vindobona)

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: ©

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…