Hungary’s unemployment rate has hit a level unseen since the regime change of 1989, and the number of economically active people has concurrently reached a historic high, Minister for National Economy Mihály Varga said, commenting on the latest labour data compiled and published by the Hungarian Central Statistical Office (KSH).
Since the regime change, the Minister pointed out, the number of people in employment has gained 677 thousand, with the bulk of growth registered in the private sector (up by some 450 thousand). In the same period, the unemployment rate has slipped below 5 percent and reached 4.9 percent – the lowest rate in 26 years.
As Mihály Varga said, the employment rate has improved from 54.6 percent in 2010 to 67.1 percent, an increase of 12.5 percentage points. In the observed period, the unemployment rate dropped from 11.6 percent to 4.9 percent, a decrease of 6.7 percentage points.
Youth employment data are also encouraging, the Minister added: the number of people in employment aged 15-24 years rose by 23 thousand year-on-year, to more than 300 thousand. The formerly near-30 percent respective unemployment rate has declined to 12.8 percent, he stressed.
In July 2016, Hungary’s unemployment rate – according to Eurostat data – was the fifth lowest within the EU. The Minister stated that he was expecting further gains in employment, which must take place parallel to rising competitiveness growth, the improvement of structural unemployment and labour mobility within the country as well as parallel to an increasing number of skilled workers.
(Ministry for National Economy)
