Significant wage growth in Hungary: in July 2024, earnings continued to grow

By: Trademagazin Date: 2024. 09. 23. 12:47

According to the latest data from the Central Statistical Office (KSH), in July 2024, the gross average earnings of full-time workers rose to HUF 636,700, while the net average earnings calculated with allowances in mind reached HUF 438,400. Average gross earnings were 13.9% higher and net earnings 13.7% higher than a year earlier, and the increase in real earnings was 9.4%.

The median earnings also showed a significant increase: the gross median earnings amounted to HUF 524,100 and the net median earnings to HUF 362,900, which means an increase of 16.5% and 16.6% compared to the same period of the previous year.

The data show significant differences by sector. In the financial sector, the average gross salary has already exceeded HUF one million, while in the IT sector it has almost reached this amount. The gross average salary in the energy industry was HUF 892,700.

The lowest wages were registered in the accommodation and hospitality sector, where the gross average salary was HUF 408,000. Those working in agriculture and “other services” also belonged to the lower salary category, where the gross average salaries were around HUF 502.6 thousand and HUF 491.5 thousand. Moreover, wages in these sectors decreased compared to June data.

It is important to point out that the average salary in itself can often be misleading, as sectors with higher earnings can significantly distort the national average. Median earnings give a more realistic picture of how much the average Hungarian employee earns, since here extremely high or low earnings have less influence on the values.