According to seasonally adjusted Eurostat data, unemployment rate in Hungary fell to 7.3 percent in November 2014. Following Estonia and Spain, the largest year-on-year drop in the unemployment rate was recorded in Hungary within the EU28. With regard to year-on-year improvements, Hungary has been on the top of the ranking since February 2014. Unemployment rate averaged 11.5 percent in the 18 member states of the Eurozone, while it was 10.0 percent on average within the entire EU (28 members).

The report shows that the unemployment rate between November 2013 and November 2014 improved by 2 percentage points, from 9.3 percent to 7.3 percent, well above the EU average. This is the second largest drop within the EU28 over the past one year, and thus Hungary is ahead of Sweden, Belgium and Finland.

Hungary has also been successful in reducing youth unemployment among those aged 15-24 years: in November, the unemployment rate for this age group was 18.9 percent, below the EU average of 21.6 percent. The unemployment rate fell by 5.8 percentage points in this age group over the past one year, and that constitutes the third largest improvement among member states.

The Government is determined to continue to provide work for willing and able-bodied people and fight unemployment until a lasting recovery is achieved.

(Ministry for National Economy)