Favourable labour market trends have continued: in the period December 2016-February 2017, the number of people aged 15-74 years in employment rose by 130 thousand, to 4 million 372 thousand. The bulk of growth was registered in the private sector, where the corresponding growth figure was 144 thousand. The number of public work employees, on the other hand, was down by 14 thousand year-on-year, and that of people working abroad has also fallen, which fact signals a stronger primary labour market.

The unemployment rate hit 4.4 percent in the observed period, the best figure for this time of the year since the regime change.

The employment rate in the age group of 15-64 years increased by 2.4 percentage points over the past one year, edging up to 67.1 percent. Taking a look at data for women and men reveals that indicators show improvement in both cases. The employment rate of men and women aged 15-64 years was up by 2.5 percentage points (to 73.56 percent) and 2.3 percentage points (to 60.6 percent), respectively, year-on-year.

The unemployment rate fell among those aged 15-74 years in each region of Hungary. Youth unemployment was also better, as the number of people aged 15-24 years with a job increased by 16 thousand, to 302 thousand, year-on-year. The number of young jobless people fell by 10 thousand, to 38 thousand, resulting in a youth unemployment rate of 11.1 percent.

Thanks to positive trends in the private sector, the reduction of payroll taxes, tax cuts, the Job Protection Act and measure stimulating economic activity, employment indicators have been improving steadily in Hungary. Macro-economic data also signal strong momentum behind economic growth.

(Ministry for National Economy)