The decrease in real wages may stop in July, and the purchasing power of salaries may increase again from August, thus wages may retain their real value in 2023.
According to KSH data, the gross average salary rose to HUF 566,800 in June 2023, so the average wage increased by HUF 78,000, or 16 percent, in one year. With this, compared to the government of the dollar left, the minimum wage, the guaranteed minimum wage and the average wage have practically tripled - the Minister of Economic Development Márton Nagy commented on the latest data in his statement on Thursday.
Throughout the year, salary growth remained dynamic, while the number of registered jobseekers dropped to a historic low and the number of employed people rose to close to 4.8 million, Márton Nagy pointed out.
The minister added that the government is effectively fighting against sanctioned inflation, among other things, the mandatory promotion raised to 15 percent and the online price monitor broke it down and reduced inflation by a third, which may melt to single digits in October.
As a result, "the decrease in real wages may stop in July, and the purchasing power of salaries may increase again from August, thus wages may retain their real value in 2023 as a whole. Thus, in the future, it will be possible to restore the rate of growth in real wages of over five percent on an average in previous years," said the minister.
Márton Nagy highlighted that in order to protect families and jobs, it is necessary and also in the interest of the national economy to preserve and then dynamically increase the purchasing power of wages; this is the only way to expand consumption, which is an essential condition for a quick rebound in economic growth.
MTI
