According to the latest report of the Hungarian Central Statistical Office, favourable labour market trends have continued. In September-November 2014, the number of people in employment aged 15-74 years increased by 188 thousand to 4 million 155 thousand over the past one year. As a result of steady growth, the number of those in employment has exceeded 4 million for more than one year due mainly to the expansion of the private sector.

In the age group of 15-64 years the employment rate rose to 62.8 percent, up by 3.5 percentage points, year-on-year. Compared to data compiled one year ago, the employment rate among those aged 15-24 years was 3.1 percentage points higher and thus the number of people in employment increased to 274 thousand. As far as the gender aspect of employment is concerned, indicators have improved significantly for both men and women. The employment rate of men aged 15-64 years edged up by some 3.6 percentage points to 68.9 percent in comparison to the corresponding period of the previous year.  The number of women in employment aged 15-64 years was 1 million 890 thousand, constituting an increase of 89 thousand year-on-year.  The respective employment rate is 56.7 percent, up by 3.2 percentage points over the past one year which indicates an increase of four times the EU average.

In September-November 2014, the unemployment rate fell by 2 percentage points to 7.2 percent compared to the previous year. The number of jobless people was 321 thousand, down by 83 thousand year-on-year.

The Government’s active employment policies such as the First Job Guarantee Programme, housing subsidies or SME employment grants have played an outstanding role in the steady improvement of labour market statistics. Positive changes in employment boost fiscal revenues and lift household consumption and these in turn drive economic growth.

For detailed data see www.ksh.hu

(Ministry for National Economy)