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Mar 29, 2018

Figures show that Hungarians with a job rose by more than 750,000 compared to 2010

The Hungarian model is working and the economy is growing at a robust rate. The jobless rate is falling and wages are increasing

The Hungarian model is working and the economy is growing at a robust rate. The jobless rate is falling and wages are increasing.

According to new KSH figures for December 2017 to February 2018, the number of people with a job rose by more than 750,000 compared to 2010.

Mihály Varga, minister for National Economy, said job incentives, investment promotion programs, pro-activity measures and the six-year wage agreement have been the main factors behind the unemployment rate falling from 12 percent eight years ago to 3.8 percent today.

The minister revealed that the number of people working abroad fell by 20,000, while that of people in public work schemes was down 40,000 over the past year - also adding to private sector job growth of 129,000.

He said the number of people currently in employment is some 4.5 million in Hungary, which means that alongside economic growth the number of jobs has also been rising steadily.

The minister pointed out that the number of jobless people was almost half a million in 2010, and this figure has fallen by two-thirds, to 178,000 today.

He added that following a steady downtrend of 68 consecutive months, the unemployment rate now stands at 3.8 percent, which places Hungary as the country with the fourth lowest unemployment rate within the EU.