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Hungary's Wage Growth Accelerates In August

Earnings of Hungarian employees increased at a significantly faster pace in August, data released by the Central Statistical Office showed Friday.

Average gross earnings at corporations employing at least five persons, and budgetary and designated non-profit institutions increased 4.7 percent on an annual basis in August, after rising 2.1 percent in July and 3.7 percent in June.

Wages in the business sector grew 3.8 percent during the month, and earnings of employees in budgetary institutions climbed 7.4 percent. Non-profit institutions recorded a 6.5 percent growth in salaries.

During the January-August period, average gross earnings increased by 3.4 percent from the corresponding period of last year.

The business sector and budgetary institutions reported wage growths of 3.5 percent and 3.3 percent respectively during the eight-month period. There was a 2.7 percent rise in wages in non-profit institutions, data showed.

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