Index – Economy – The actual unemployment rate in Hungary has been revealed

In the first quarter of this year, the number of employed persons between the ages of 15 and 74 was 4,725,000, 29,000 more than a year earlier. The number of employed men did not change substantially, amounting to 2,480,000 people, while the number of women employed increased by 41,000 to 2,245,000. According to data from the Central Statistical Office (KSH).

The number of workers abroad and public employees did not change significantly, the former amounted to 109,000 and the latter to 63,000. Among the 15-64-year-olds, the employment rate of 74.7 percent was essentially the same as a year earlier. The rate for men remained practically unchanged at 78.2 percent, while for women it increased by 1.1 percentage points to 71.1 percent.

The number of unemployed has increased

The KSH also published unemployment data: in the first quarter, the number of unemployed people aged 15-74 increased by 30,000 compared to the previous year, to 229,000, while the unemployment rate increased by 0.6 percentage points, to 4.6 percent.

• The number of unemployed men was 126,000, and their unemployment rate rose by 0.8 percentage points to 4.8 percent.
• The number of unemployed women was 103,000, and the unemployment rate increased by 0.3 percentage points to 4.4 percent.

The average duration of the job search was 8.9 months, 43 percent of all unemployed had been looking for a job for less than 3 months, while 33 percent had been looking for a job for at least a year. At the end of March, the number of registered jobseekers decreased by 3.2 percent compared to a year earlier, to 236,000 people.

It was revealed this week that in February the gross average earnings of those employed full-time was HUF 605,400, and the net average earnings calculated with discounts taken into account was HUF 417,100. The gross average earnings increased by 14 percent, the net average earnings by 13.8 percent, and the real earnings by 9.9 percent compared to a year earlier. The median value of the gross earnings was HUF 491,900, and the net was HUF 340,700.

Government: This is particularly beneficial

Sándor Czomba, the state secretary responsible for employment policy, evaluated the data and emphasized: the work-based society has consolidated, the government has successfully protected Hungarian jobs and families. “The employment policy results are clear, compared to the Gyurcsány era, 1 million more people are working, and on average, they are paid more than three times more.”

According to the statement of the Ministry of National Economy, the state secretary added that according to the March data, both the number of employed and the unemployed increased, while the number of registered job seekers is still at a low point. Sándor Czomba explained that the current rise in unemployment is on the one hand temporary, and on the other hand it indicates that more and more previously inactive people are entering the labor market and becoming active.

This is particularly beneficial for the economy, in line with the government’s goals, the domestic labor market reserve is mobilized, which can significantly help meet the labor demand of the Hungarian economy.

The government aims to restart it in 2024 and further increase the rate of economic growth in 2025. The goal is for Hungary to reach 90 percent of the EU level of development by 2030, for which it is necessary that the investment rate proportional to GDP reaches 30 percent, and the employment rate increases to 85 percent.