Eurostat data show that Hungary’s unemployment rate fell to 7.8 percent. Over the past year, Hungary’s drop in unemployment was the largest among the EU28. The unemployment rate averaged 11.5 percent among 18 eurozone member states, while it was 10.2 percent in the entire EU.

According to the Eurostat report, between July 2013 and July 2014 unemployment eased by 2.4 percentage points -- from 10.2 percent to 7.8 percent -- in Hungary. This is the largest drop among the EU28, which figure places Hungary ahead of Sweden, Belgium and Finland.

Hungary has also been successful in reducing youth unemployment, as the unemployment rate among those aged 15-24 years was 20.9 percent, below the EU average of 21.7 percent. Year-on-year, youth unemployment fell by 6.6 percent, which also constitutes the largest improvement among member states.

With regard to employment indicators, some years ago Hungary still belonged to the tail-enders of the EU, while by now the country has become a top performer concerning the pace of improvement on the labour market. Despite encouraging trends, there is still much to do and several more measures are necessary to maintain this favourable tendency.

(Ministry for National Economy)