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Sep 28, 2017

Hungary's employment rate reaches new record high

In 2010, Hungary's jobless rate stood at 11.5 percent and now it has fallen to 4.2 percent, the lowest in 27 years

Hungary's economy ministry has revealed that the employment figure has reached a new record high, and 735,000 more people have jobs now than they did seven years ago.

In 2010, the jobless rate stood at 11.5 percent and now it has fallen to 4.2 percent, the lowest in 27 years, an official statement said.

According to MTI, the ministry attributed the positive developments to its six-year wage deal with employers and unions, its tax-reduction program and measures that have stimulated people’s desire to work while incentivizing them to remain in the country rather than travel abroad.

The Central Statistical Office (KSH) also reported that Hungary’s rolling three-month jobless rate averaged 4.2 percent in June-August, unchanged from the previous three months but less by 0.7 percent annually.

The June-August figure covering unemployment between the age of 15 and 74 was down from 4.9 percent in the same period a year earlier.

In absolute terms, there were 195,500 unemployed in Hungary in June-August, 2,100 more than in May-July and 31,600 less than in the same period a year earlier. At the same time, the employment rate rose by 1.5 percentage points to 68.6 percent, with altogether 4,444,000 employed between the age of 15 and 64 at the end of August.