Hungary: Real Wages Decline Remarkably

BusinessEconomy ♦ Published: November 22, 2012; 14:43 ♦ (Vindobona)

In 2012, real wages went down by 5.3%. This is mainly due to the persistently high inflation rate (6.6%).

Hungary: Real Wages Decline Remarkably / Picture: ©

In the first nine months of 2012, gross wages were up by 6.6%. The growth rate of the average net income was significantly lower (3.6%). In the public sector, gross wages declined by 3.2%. Due to the high inflation rate, real wages are shrinking both in the private and in the public sector. Compared to October 2011, net income rose by 1% in October 2012. In that period, the inflation…