The number of people in employment increased again in Hungary, by 57 400, in August-October 2013 in comparison to the same period in 2012, the Hungarian Central Statistical Office (KSH) stated in a flash report published earlier today.

The total number of those in employment hit a new record high of 3 million 992 thousand. Data for May-July 2013 showed for the first time that the employment rate had reached a pre-crisis figure. Since then, an unbroken upward trend has been in place which confirms the achievements of the Government’s economic policy that has been focusing on job creation, the support of families and boosting the economy.

In light of the latest data, the number of people with a job increased by 1.5 percent year-on-year in Hungary. The employment rate for those aged 15-64 years, an indicator closely watched by the European Union, was up by 1.1 percentage points to 59.3 percent, which constitutes an increase of 61 thousand compared to year-ago data.

Among those aged 15-24 years, the number of people in employment was 232 thousand and the related employment rate edged up by 1.2 percentage points to 20.5 percent compared to the corresponding period of the previous year. The unemployment rate decreased by 0.7 percent and it currently is 9.8 percent.

Accordingly, the number of unemployed people declined to below 434 thousand and the unemployment rate continues to be a one-digit figure, 9.8 percent. Recent macroeconomic data (higher investment, increasing real wages) also signal that the Hungarian economy has been back on a growth path which is expected to lead to growth of 2 percent for 2014.

(Ministry for National Economy)