Jobless rate in Hungary in one-year high

The jobless rate in Hungary for people between the ages of 15 and 74 stood at 4.5pc in November, data released by the Central Statistics Office (KSH) on Friday show. Meanwhile, Hungary’s government sector had a HUF 2,110bn deficit in Q1-Q3, equivalent to 3.5pc of GDP. Furthermore, Hungary had a EUR 742m trade surplus in November, a first reading of data released by the Central Statistics Office (KSH) on Friday shows.

In absolute terms, there were 221,000 unemployed. The number of employed reached 4,679,000 in November, down 32,000 from twelve months earlier. For the period September-November, the average number of employed slipped 36,000 to 4,691,000. The number of people employed on the primary market fell 39,000 to 4,517,000. The number of Hungarians working abroad was little changed at 111,000 and the number of people in fostered work programmes was flat at 63,000.

The employment rate for the 15-64 age group edged down 0.3pp to 75.1pc. Data from the National Employment Service (NFSZ) show there were 225,000 registered jobseekers at the end of November, down 0.5pc from twelve months earlier. Jobseekers spent 11.6 months, on average, looking for work, but 49pc of the jobless found new positions in under three months. The percentage of jobless who had been looking for work for at least one year reached 33pc.

Commenting on the fresh data, Sándor Czomba, the state secretary for employment policy, said employment remained stably high during the period and attributed the minimal decline from a year earlier to a high base. Hungary’s employment levels, which exceed the European Union average, contribute to an expansion of consumption and economic growth, strengthening Hungary’s competitiveness, he added.