The rate covers unemployment among those between the ages of 15 and 74. In absolute terms, there were 219,300 unemployed in Hungary in August-October, 7,200 fewer than in July-September and 70,800 fewer than a year earlier.

Péter Cseresnyés, economy ministry state secretary for the labour affairs, told public television that the jobless rate was now at its lowest point since the 1990 change in political system and far lower than the European average of around 8 percent. He added that among European Union member states, only Germany, the Czech Republic and Malta were doing better in terms of unemployment indicators.

Taking 20-64 year-olds, the employment rate is now above the EU average, and it is 73-74 percent for men, he said. The youth employment rate has also risen considerably.

Whereas before 2010 this measure had stood at below 20 percent, it is now 30 percent, and the jobless rate in for young people has fallen to 12.6 percent, he added.

The Economy Ministry said in a statement that tax cuts, the government programme to protect jobs and measures to boost activity on the labour market were behind the new record-high employment data.

Thanks to the continually improving situation on Hungary’s labour market, more and more people in government fostered jobs schemes are finding work in the ordinary labour market, the daily Magyar Nemzet reported on Tuesday.

In September, there were around 216,000 people in fostered jobs, 12.3 percent less than in August and down 3.5 percent from the same month last year, the paper reported.

Republished with permission of Hungary Matters, MTI’s daily newsletter.