Wages of Hungarian employees increased at a faster pace in July, contrary to economists' forecast for a weaker growth, data released by the Central Statistical Office showed Tuesday.
Average monthly gross wages increased 7.1 percent on an annual basis in July, sharply faster than the 4.1 percent gain seen in June. Economists had forecast the rate of growth to ease to 4 percent.
Gross earnings in the business sector climbed 9.2 percent annually, while earnings of employees in budgetary institutions moved up 0.9 percent. There was a 21.9 percent growth in wages in non-profit institutions during the month.
In the January-July period, monthly gross wages advanced 4.8 percent from the same period last year. Net earnings, excluding family tax benefits, grew 2 percent year-on-year during the period, data showed.
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