The rate covers unemployment among Hungarians between the ages of 15 and 74. In absolute terms, there were 183,500 unemployed in Hungary in August-October, 5,500 fewer than in July-September and 35,800 fewer than in the same period a year earlier.

Commenting on the data, Péter Cseresnyés, state secretary at the economy ministry, said 735,000 jobs have been created since 2010, of which 560,000 have been added in the private sector. Over the past seven years, the employment rate has risen from 54.6 percent to 68.7 percent, Cseresnyés said, adding that the ministry is targeting an employment rate above 70 percent.

The unemployment rate is at the lowest point since Hungary’s regime change in 1989-90, he added. The state secretary said the ministry expects labour market conditions to remain favourable over the coming period thanks to a 6-year agreement signed between the government, unions and employers to increase the minimum wage at the end of 2016.

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