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Average Gross Wages Surged By 10.1% in April

HUNGARY
  • ERBD raised Hungary GDP growth forecast for 2021 to 5.5% (up from 4% in September 2020), higher than the government 4.3% projection. Economic recovery likely to be driven by investments, EU recovery fund and improving household consumption.
  • However, growing concerns over the Delta variant have increased the uncertainty over the economic outlook. IMF even mentioned that Hungary may need monetary easing if recovery falters.
  • Yesterday, economic data showed that the unemployment rate fell to 3.9% in May, down from 4.4% the previous month. April wage growth will come out tomorrow (June 30) and could grow by over 10% YoY due to the base effect. PPI inflation will also come out on June 30.
  • Average Gross Wages surged by 10.1% in April (double digit as expected) and PPI inflation rose to 11.3% YoY in May.
  • Business sentiment is expected to continue to improve with June manufacturing PMI expected to increase to 55 (from 52.85 the previous month).
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