Average gross wages in Hungary advanced 11.6 percent year-on-year to HUF 365,100 in October of 2019, following a 11.8 percent rise in September. Average net earnings were HUF 242,800 excluding tax benefits and HUF 250,200 including them. Wages increased at a softer pace in both the private sector (11.5 percent vs 11.6 percent in September) and the public sector (11.7 percent vs 11.8 percent). Considering the first ten months of the year, average gross earnings amounted to HUF 360,400 and average net earnings to HUF 239,700; both of them grew by 10.9% compared to the same period of the previous year. Wage Growth in Hungary averaged 8.36 percent from 1999 until 2019, reaching an all time high of 26.19 percent in January of 2005 and a record low of -5.30 percent in January of 2009.
Wage Growth in Hungary is expected to be 10.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in Hungary to stand at 9.00 in 12 months time. In the long-term, the Hungary Gross Average Wages Growth is projected to trend around 8.20 percent in 2020, according to our econometric models.