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Hungary’s Unemployment Rate Hits 8-Year Low As Employment Level Rises To 63.8%

Ferenc Sullivan 2015.07.29.

The number of people out of employment in Hungary has hit an 8-year low, according to data published by the Central Statistical Office (KSH).

The unemployment rate has fallen below 6.9 per cent, meaning that a total of 310 000 people are now registered as unemployed, 49 000 less than in the second quarter of the year. Close to half of those affected are in long-term unemployment, covering jobseekers who have been looking for work for over half a year. Using different methodology, the National Employment Service registered 367 000 jobseekers in late June.

 

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The growth of the level of employment in Hungary between 2011 and 2015 (source: KSH)

 

Parallel to the decrease in the number of those out of work, the number of people in employment increased by 126 000 to 63.8 per cent at the end of the quarter, meaning that 4 200 000 Hungarians were part of the country’s labour force at the time. In the 15-64-year-old age group, the level of employment grew in all of the country’s regions. The most significant, 4.6% increase was registered in the Northern Hungary region; at above 67%, the employment rate was the hghest in Central Hungary, Western Transdanubia and Central Transdanubia and the lowest in the Northern Great Plain region (58.6%).

The number of jobs in Hungary has increased by 450 000 compared to 2010 – reaching pre-crisis levels – and the percentage of the unemployed population fell from 12 to 7 per cent. The positive results are largely down to the government’s job protection action plan, which provided assistance to the employment of 824 000 people. The large-scale public works scheme also paid a major contribution to improving figures. According to a projection by the European Commission, the proportion of people out ouf employment could decrease further by 2016.

via kormany.hu and index.hu
photo: eandt.theiet.org