Fastest Wage Growth in OECD Recorded in Hungary

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Fastest Wage Growth in OECD Recorded in Hungary

From the thirty OECD countries, Hungary recorded the fastest growth in gross wages in processing industries since 2000, OECD (Organization for Economic Cooperation and Development) statistical data show.

Until last August they rose 96.3%, Gazdasági Rádió reported.

The best month was April, when the average hourly wage was 98.4% higher than in 2000. Wages include seasonal adjustments, overtime bonuses and regular wage compensations. Cumulative inflation in February 2008 stood at 56.1% according to data from the Central Statistics Office (KSH).

The average rise in OECD countries was 23.2%, cumulative inflation 19.8%, so real growth was 3.4%. Second in the line was South Korea with 78.6%. In Poland wage growth was 41.8%, in the Czech Republic 56.8%, Slovakia 68.6%, Austria 21.2%.

In the bottom ranks of the list are the G7 countries, where average growth was only 16.9%. The US recorded a humble growth of 21.2%. The slowest rise was seen by Japan with 1.7%, while the second worst performer is Portugal with a mere 2% growth.

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