The rate of employment in Hungary has reached 70 percent, while the unemployment rate has not been as low since the 1989 regime change. The 3.3 percent rate of unemployment means Hungary has the 4th most favourable rate of unemployment in the European Union (in a tie with Malta).

In the private sector, an increase of 85 thousand has been realised within the space of a year, while the number of people participating in the Government’s public work scheme has fallen by 60 thousand. Thanks to the increase in the employment rate, the number of people now working has increased to 4 million 511 thousand, the highest ever figure ever recorded by the Central Statistical Office.

The favourable job market processes many be further improved by support for flexible employment, the reinforcement of training and re-training courses, and more efficient job-seeker services at district employment departments. The Job Market Reform Programme launched by the Government in Eastern Hungary, which is aimed at channelling remaining workforce reserves to the private sector through the reorganisation of unemployment offices, has already successfully found jobs for 25 thousand jobseekers within the private sector.

The Government’s goal is for the rate of unemployment to fall to under three percent, and to activate the remaining free workforce reserves and place them in employment. The favourable job market processes may continue to exist permanently, as a result of which full employment could be realised in Hungary.

(Ministry of Finance/MTI)