Hungary’s record high growth in wages is expected to slow in 2015.

Wages in Hungary grew by a record 3% in 2014, compared with the previous year. However, according to economic experts, pay increases in 2015 will be much lower. They add that big bonuses awarded in December had a significant impact on the overall annual data, and point out that since inflation was negative (-0.2%) in 2014, the real value of wages grew even faster.

According to data published by the Central Statistical Office (KSH) in February, wages increased by 4.3% in the competitive sector and 1.2% in budgetary institutions (in Hungarian, 912.75 KB PDF). The wages of those on public works programmes had a significant effect on data: if these workers were excluded from statistics, the figures would be 4.5%, and 5.9% respectively.

In December 2014, the monthly increase was 6.7% overall, without taking into consideration the wages paid in public works programmes, 8.6%.

 

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