According to the flash report of the Hungarian Central Statistical Office (KSH), in September-November 2013 the number of people in employment exceeded 4 million. The new record high figure is 4 million 12 thousand, an increase of 2.2 percent or 87 thousand people year-on-year.

In comparison to the period when the change of government took place, the number of those in employment was up by 255 thousand, the highest level since 1992. In line with the Government’s objectives, employment has been steadily increasing which is obviously signalling a positive economic U-turn. Along with public employment schemes and migration the private sector has been another key factor behind employment growth.

The employment rate for those aged 15-64 years, a group observed closely by the EU, increased to 59.6 percent or 1.5 percentage points corresponding to a rise of 88 thousand people compared to data of one year ago. In the age group of 15-24 years, the number of those in employment was 238 thousand, as the related employment rate edged up by 1.4 percent to 21.1 percent, in comparison to the corresponding period of the previous year.

In Hungary, the number of unemployed people decreased by 1.3 percentage points (57 thousand people) to 9.3 percent compared to the period September-November 2012, well below the EU average. The unemployment rate among those aged 25-54 years is only 8.3 percent, the best figure since the onset of the crisis.

Thanks to Government measures – Job Protection Action Plan, First Job Guarantee Programme – unemployment continues to show a downward trend and the unemployment rate has been for months below the EU average. Recently published data (indicating higher investment, increasing real wages and improving employment) are also signalling that the Hungarian economy has been back on a growth path and as a consequence economic growth is expected to be certainly above 2 percent in 2014.

(Ministry for National Economy)