According to seasonally adjusted data compiled by the Eurostat for the month of October, the unemployment rate fell to 7.4 percent in Hungary. Over the past one year, it was Hungary where the largest unemployment rate decrease was registered within the EU28. With regard to this indicator, EU statistics show that Hungary has been the top performer since February 2014. The unemployment rate averaged 11.5 percent in the 18 member states of the Eurozone and 10 percent in the EU28.

In light of the Eurostat report, the unemployment rate fell by 2.1 percentage points from 9.5 percent in October 2013 to 7.4 percent by October 2014, which figure is well below the EU average. This is the largest year-on-year drop among the EU28, which places Hungary ahead of Sweden, Belgium and Finland.

Hungary has also been successful in combating youth unemployment, as the share of unemployed among those aged 15-24 was 19.4 percent, below the EU average of 22.3 percent. Youth unemployment fell by 5 percentage points over the past one year which constitutes the third largest drop among EU member states.

As far as employment statistics are concerned, some years ago Hungary belonged to the EU’s tail-enders, while by now Hungary’s labour market trends are among the most impressive in Europe. In spite of favourable tendencies, however, several more employment measures are required to keep improving the unemployment situation.

(Ministry for National Economy)