Real wage growth might bring strong impulse for domestic consumption growth in Hungary
It seems that a modest recovery of the Hungarian economy brings finally some positive stimuli for employees in Hungary in terms of higher wages. Gross wages increased by 4.7% Y/Y in August up from 2.7% Y/Y growth in July. The main reason behind the acceleration of gross wage growth was the salary hike in the healthcare system, where the wages were up by 9.9% Y/Y. In the private sector the wage dynamic is quite stable, it is moving between 3% Y/Y and 5% Y/Y in 2013.
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KBC