EconomyStatistics

Stats Office: Unemployment Rate Continues To Drop In Hungary

Hungary’s average unemployment rate was 6.1% during the period of December-February, down from 6.2% in the previous three-month period, the Central Statistical Office said. The number of unemployed was 275,100 in December-February. The number of employed stood at 4,241,400. Excluding Hungarians in public work programmes and those working abroad, 62,000 jobs were added during the period. The number of public workers rose by 45,000 and those working abroad increased by 10,000.

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The average time spent looking for work was 19.2 months during the period. About 50.0% of the unemployed had been seeking a job for one year or more. There were 3,003,800 economically inactive Hungarians — those neither employed nor seeking work — during the period, down from 3,081,900 a year earlier. The data are calculated in line with International Labour Organisation standards and include people with all forms of employment contracts who have worked more than one hour a week during the period or are on sick leave or paid absence. The data also include those employed in public work schemes and those working abroad for less than one year.

Commenting on the figures, Péter Cseresnyés, state secretary for labour market and training, noted that the number of employed had been over 4 million for two years. He added that the jobless rate had dipped to an 11-year low. Cseresnyés said that the private sector accounted for the bulk of the recent rise in employment. Analysts interviewed by Hungarian news agency MTI said they expected the jobless rate to decline further. Gergely Suppan of Takarékbank said full-year unemployment could drop to 5.7% in 2016 and could fall slightly further in 2017. Gergely Ürmössy of Erste Bank forecasts average unemployment of 6-6.2% for this year.

via ksh.hu and hungarymatters.hu