The number of people employed in the private sector increased year-on-year by 121 thousand in Hungary, as data from Q1 2017 show. Compared to the first quarter of 2010, the number of people in employment soared by 690 thousand, with the bulk of growth registered in the private sector (with an increase of 475 thousand). The unemployment rate is also at a favourable level, 4.5 percent.

The employment rate in the age group 15-64 years improved by 2 percentage points over the past one year, edging up to 67.1 percent. The employment rate for both men and women has hit a record high in the first quarter of 2017, unseen since the regime change, thanks indisputably to job growth on the primary labour market.  The employment rate of men aged 15-64 years was up year-on-year by 2.3 percentage points, to 73.8 percent. The respective indicator for women gained 1.8 percentage points, to 60.6 percent.

The youth employment rate, for those in the age group of 15-24 years, edged up by 1.6 percentage points, to 28.4 percent, which corresponds to a total of 300 thousand people.

The unemployment rate continued to decline, shedding 1.5 percentage points (to 4.5 percent). The number of people out of job continued to decline: it fell by 88 thousand, to 207 thousand over the past one year.

Incoming data show substantial job growth, primarily in the private sector, which aptly signals strong momentum in Hungary’s economy.

Hungarian labour market reforms, such as economic development schemes, the lowering of payroll taxes, the Job Protection Action scheme as well as the positive economic U-turn of 2013, have all contributed to robust job growth.

(Ministry for National Economy)