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Country Report Hungary Product Image

Country Report Hungary

  • ID: 2101527
  • May 2015
  • Region: Hungary
  • 27 Pages
  • The Economist Intelligence Unit

The unemployment rate for the 15-74 age group averaged 7.8% in January-March 2015, down from 8.3% a year earlier, according to the Central Statistical Office.

The number of unemployed persons dropped by 16,500 or 4.5% year on year to an average 347,600 in the first quarter. The 7.8% unemployment rate is the lowest first-quarter figure since 2007. Although falling year on year, the unemployment rate rose from 7.1% in the fourth quarter of 2014, possibly reflecting fewer seasonal work opportunities in the winter months of January-March. The number of employed persons in the same age group averaged 4.1m in the first quarter of 2015, increasing by 79,400 persons or 2% over the past year. The increase was steepest in the relatively small agriculture and construction sectors, at a respective 6% and 8%. Manufacturing employment expanded by almost 3% in the same period, while the number of service jobs increased by 2%-although much of this latter growth took place in the public sector.

Hungary's employment rate (employed persons as a percentage of the population in the 15-74 age group) was thus 54.5% in the first quarter, up from 53.2% a year earlier but falling short of record highs of almost 55% reached in the second half of 2014. The state's public works programme still made up a significant part of the workforce, at an average of 175,900 persons, or 4.3% of the total in the first quarter. However, this number has been relatively stable over the past year-as has the number of persons who work abroad short-term and retain a household in Hungary-meaning that all job growth is now taking place on the regular domestic job market (including both the private and the public sectors).

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Country Report Hungary

Unemployment rate at 7.8%
Event
Analysis
Impact on the forecast

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Note: Product cover images may vary from those shown

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