Average earnings grow 11.4 pct in Hungary in 2019

Source: Xinhua| 2020-02-27 00:35:26|Editor: yan
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BUDAPEST, Feb. 26 (Xinhua) -- In 2019, average gross earnings and average net earnings of full-time employees in Hungary both increased by 11.4 percent compared to the previous year, the Hungarian Central Statistical Office (KSH) reported on Wednesday.

"Full-time employees' average gross nominal earnings -- as defined by KSH -- at corporations employing at least five persons, budgetary institutions and non-profit organizations which are significant in respect of employment, amounted to 367,800 Hungarian forints" (1,180 U.S. dollars), the KSH said in a report.

Average net earnings excluding tax benefits were 244,600 Hungarian forints.

The KSH added that "along with the 3.4 percent rise in consumer prices compared to the same period of the previous year, real earnings increased by 7.7 percent."

"The double-digit wage increase in Hungary last year was supported by a significant increase in the minimum wage as well as an unprecedented labor shortage," the Hungarian economic news portal Portfolio commented.

"The growth in earnings was pushed up by wage increases in November and December of last year, linked to the payment of bonuses," Portfolio noted. (1 U.S. dollar = 312.07 Hungarian forints)