According to the latest data by the Hungarian Central Statistical Office (KSH), in November 2013-January 2014 the number of people in employment aged 15-74 years increased by 176 thousand year-on-year, from 3 million 854 thousand to 4 million 30 thousand. Accordingly, the employment rate improved to 52.9 percent, a new historic high. Over the past four years, the number of those in employment has been up by 280 thousand. Along with the effect of public work schemes, in light of relevant, formerly published KSH data the private sector has been increasingly driving growth. The unemployment rate is at a five-year low of 8.9 percent.

In the 15-74 years age bracket, the employment rate edged up by 2.5 percentage points, from 50.4 percent in the corresponding period of the previous year to 52.9 percent. Among those aged 15-64 years, the rate improved by 2.9 percentage points. With regard to the gender aspect of employment, indicators are better for both men and women. The employment rate of men aged 15-64 years increased by 3.5 percentage points in comparison to the same period of the previous year, to 66 percent, while that of women added 2.3 percentage points thus reaching an all-time high of 54.2 percent.

Source: Hungarian Central Statistical Office (KSH)

In Hungary, the number of people out of job declined by 94 thousand in November 2013-January 2014 compared to the level one year ago. Accordingly, the number of unemployed people fell to 393 thousand and the unemployment rate improved by 2.3 percentage points to 8.9 percent. This has been unprecedented since Q1 2009. The unemployment rate among those aged 25-54 years decreased further, to 7.9 percent. The number of unemployed people within this age bracket, the most economically active segment, was down by 80 thousand year-on-year. The unemployment rate of the smallest labour market age group of 15-24 years is 4.2 percentage points lower, currently at 24.2 percent, compared to the same period of the previous year. The share of both unemployed men and women fell by 2.9 percentage points and 1.6 percentage points, respectively, year-on-year.
The Government’s efficient employment programmes, such as the First Job Guarantee Programme, housing allowance or tenders assisting the creation of jobs at SMEs, are clearly improving the employment situation within the country. The latest data are confirming that the Government has been pursuing the right policies aimed at boosting employment and combating unemployment.

(Ministry for National Economy)