According to the flash report of the Hungarian Central Statistical Office (KSH), positive employment trends are continuing. In the period December 2013-February 2014 the number of those aged 15-74 years in employment increased to 4 million 53 thousand, another 22-year record high.

In this period, the number of those in employment was 327 thousand more in comparison to the corresponding period four years ago. Compared to spring 2010, the time when the new Government was elected, the latest data show an increase of 297 thousand. Although part of this growth is attributable to the effect of public work programmes and migration, thanks to the Government’s successful employment stimulus schemes, such as the First Job Guarantee Programme, housing subsidy or the programme supporting the creation of SME jobs, the private sector’s share of employment growth is increasing.

The unemployment rate currently is 8.6 percent which figure has been unprecedented for more than five years.

The employment rate increased from 49.9 percent one year ago to 53.2 percent. The employment rate regarding those aged 15-24 years improved by 2.9 percentage points, year-on-year. The employment rate of those in prime working age, 25-54 years, edged up to 77.5 percent after gaining 4.1 percentage points, while the indicator for those aged 55-64 years increased to 39.8 percent after adding 3.1 percentage points.

Year-on-year the number of jobless people in Hungary fell by 123 thousand in December 2013-February 2014. Accordingly, the number of unemployed people decreased to 379 thousand and the unemployment rate improved by 3 percentage points to 8.6 percent. The unemployment rate of those aged 25-54 years continued to decrease and it reached 7.6 percent. The unemployment rate of those within the smallest labour market segment, people aged 15-24 years, is down year-on-year by 5.9 percentage points to 23.3 percent. The share of unemployed men and women is also lower by 4 percent and 2.2 percent, respectively.

The record growth regarding the number of people in employment has been the consequence of the Government’s employment programmes, lower taxes on labour, the Job Protection Action Plan, measures stimulating economic activity as well as the positive U-turn of the economy in 2013.

(Ministry for National Economy)