According to the latest Eurostat data, unemployment fell to 7.3 percent in Hungary. Over the past one year, Hungary recorded the largest fall in unemployment among the EU member states. With regard to these statistics, Hungary has been on the top of EU ranking since February 2014. Unemployment rate averaged 11.5 percent in the 18 member states of the euro zone and 10 percent in the EU28.

In light of the Eurostat report, unemployment fell by 2.7 percent, from 10 percent to 7.3 percent, between September 2013 and September 2014 in Hungary. Among the EU28, this is the largest decrease, and thus Hungary is ahead of Sweden, Belgium and Finland.

Hungary has also been successful in cutting youth unemployment, as unemployment among those aged 15-24 years was 19.3 percent, below the EU average of 21.6 percent. Youth unemployment improved by 7.2 percentage points over the past one year and this is also the best figure among member states.

As far as employment indicators are concerned, some years ago Hungary belonged to EU laggards and by now the country has joined top performers also with regard to improvement on the labour market. Despite encouraging signs there is still much to do: several more employment measures are required to maintain this positive trend.

(Ministry for National Economy)