Hungarian salaries keep up the pace

By: Trademagazin Date: 2025. 09. 16. 11:01

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According to current prospects, this year’s pace may remain next year, although the change in minimum wages poses uncertainty. In addition, there is an interesting fact to be seen in the latest wage data. In July this year, gross average wages increased by 9 percent and net wages by 9.4 percent year-on-year.

“This year’s data shows that there was a pause in May, but overall, average wages show an annual increase of around 9 percent”

– assessed the latest wage data by Dávid Németh, K&H’s chief analyst. He added: It is favorable that median net wages increased by almost 11 percent, which is due to the fact that the rules for family tax relief changed from July. As a result, the catching-up of median net wages with average wages accelerated. In the first seven months of the year, gross average wages increased by 9.1 percent year-on-year.

Given the wage dynamics of the past two months, a similar increase is expected in the remaining months of the year. According to the expert, it is interesting that although real wages increased by 4.9 percent in July, the expansion of retail sales slowed down this month, growing by only 1.7 percent.

“It is possible that this contradiction can be partly explained by holidays. That is, the population was more likely to use services. More information on this will be available in the third quarter GDP data,”

– said the expert.

One of the most important questions from the perspective of the medium-term outlook is what will happen with the minimum wage increase next year, since the current agreement projects a 13 percent increase, but due to the weak performance of the economy, employers see this as less realistic.