Hungarian gross wages rise by 5.7 pc in June

Budapest, August 19 (MTI) – The average gross wage in Hungary was 259,875 forints (EUR 837) in June, up by 5.7 percent from the same month a year earlier, the Central Statistical Office (KSH) said on Friday.

Net wage growth outpaced the increase, rising by 7.3 percent to 172,818 forints, because of a one percentage point cut in the personal income tax rate from January.

Analysts polled by MTI said that the upward trend could continue, supported by domestic consumption.

Takarékbank analyst Gergely Suppán said the annual gross wage increase could be 5.6 percent, while in net terms the increase could reach 7.2 percent in light of the tax changes. With annual inflation seen at 0.6 percent, the real wage increase could be 6.6 percent, he said.

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