March 26, 2008, 10:35 CET
Hungary "tops" OECD survey of manufacturing wage growth
Hungary has recorded the biggest rise in gross wages in the manufacturing industries since 2000 of all the 30 OECD countries, recently published statistical data revealed. As of August last year, Hungarian gross wages in this sector had soared 96.3% in only seven years, while inflation rose by a cumulative total of 56.1% during the same period. This compares to an average OECD rise of 23.2% in gross wages combined with cumulative inflation of 19.8%, bringing average real wage growth in OECD countries to 3.4% versus 50.1% in Hungary.
Wage figures included seasonal adjustments, overtime pay and regular wage supplements.
The second biggest rise was registered in South Korea with 78.6%. Gross wages barely rose at all in Japan and Portugal.
In the Central-Eastern European region, Poland saw a wage increase of 41.8%, the Czech Republic 56.8%, Slovakia 68.6% and Austria 21.2%.
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Any chance of seeing a comparative between growth in purchasing power (after taxes) in that same period? Would be curious to see if HU's are able to buy more than those nationalities with which the OECD are making the comparison. After all going from 1% PPP with Austria to 2% isn't that big a leap.
Rolrox,
you can browse the PPP of OECD countries here:
OECD PPP
Hi there,
I'm trying to find an sector-based survey of wage rates in Central Europe. Could you please e-mail me the source of the wage gains information you used for this post?
Thank you!
Konrad
I guess my e-mail didn't show up - could you send it to me at konradturski at gmail.com? thanks!