The number of people in employment continued to rise, according to the latest report of the Hungarian Central Statistical Office (KSH). In December 2014-February 2015, the number of those in employment aged 15-74 years increased year-on-year by 111 thousand, to 4 million 124 thousand. Thus, the number of people with a job has been above the 4 million mark for more than one year and unemployment also fell in the observed period.

The employment rate of those aged 15-64 years gained 2.3 percentage points and improved to 62.5 percent. Indicators were up for both men and women: the number of men in employment aged 15-64 years was 2 million 207 thousand, while the respective employment rate rose by 2.3 percentage points to 68.3 percent. The employment rate of women was also better, even compared to a high base last year, edging up by 2.3 percentage points. The positive upward trend, in place for more than two years, has been mainly driven by private sector job growth. In the observed period, the number of people in employment aged 15-24 years was 274 thousand, while the respective employment rate showed an increase of 2.4 percentage points (to 24.7 percent).

In the aforementioned period, the number of jobless people in Hungary fell by 24 thousand, year-on-year. This means that the number of unemployed people dropped to 346 thousand and the unemployment rate edged down by 0.7 percentage points, to 7.7 percent.

One of the determining factors behind the increase in employment has been the Government’s active employment programme package, which helped the private sector become the main driving force of job growth. Steadily increasing wages in real terms, outstanding consumption data and the improving GDP growth outlook are signalling further employment growth.

(Ministry for National Economy)