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HUNGARY: Average Gross Wage Growth Above Expectations in July

HUNGARY
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
  • Hungary’s Average gross wages for businesses with at least 5 employees rose 13.9% y/y in July (Est: +13.6%) versus +13.3% in June, according to the Central Statistical Office. On a month-on-month basis, average wages fell 0.8% versus -1.7% prior.
  • Plans are in place for the winding down of flood defence efforts, Prime Minister Viktor Orban said on Monday. He noted that the total cost of this year's flood protection efforts is expected to come to around HUF 5bn (EUR 12.7m) compared with the HUF 19.6bn spent in 2013.
  • The NBH rate decision tomorrow afternoon is the key risk event of the week, where the central bank is expected to resume its easing cycle with a 25bp cut to the base rate. Our full preview of the decision, with a summary of sell-side analyst views, will be released later today.
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  • Hungary’s Average gross wages for businesses with at least 5 employees rose 13.9% y/y in July (Est: +13.6%) versus +13.3% in June, according to the Central Statistical Office. On a month-on-month basis, average wages fell 0.8% versus -1.7% prior.
  • Plans are in place for the winding down of flood defence efforts, Prime Minister Viktor Orban said on Monday. He noted that the total cost of this year's flood protection efforts is expected to come to around HUF 5bn (EUR 12.7m) compared with the HUF 19.6bn spent in 2013.
  • The NBH rate decision tomorrow afternoon is the key risk event of the week, where the central bank is expected to resume its easing cycle with a 25bp cut to the base rate. Our full preview of the decision, with a summary of sell-side analyst views, will be released later today.