Hungary’s Unemployment Rate Rises To 4.1% In March-May

  • 29 Jun 2020 11:25 AM
  • Budapest Business Journal
Hungary’s Unemployment Rate Rises To 4.1% In March-May
In March-May 2020, the average number of unemployed people in Hungary was 190,000, with the unemployment rate rising to 4.1%, largely due to the effects of the coronavirus epidemic, according to data published by the Central Statistical Office (KSH).

The number of unemployed men aged 15-74 rose to 104,000, while the unemployment rate went up to 4.1%. In the case of women, the number of unemployed rose to 86,000 and the unemployment rate to 4.2%

In March-May 2020, among people aged 15–24, the number of unemployed was 37,000 and their unemployment rate 12.4%. Nearly a fifth of the unemployed belonged to this age group, KSH notes.

Unemployment rates for people aged 25–54 grew by 0.8 percentage point to 3.8%, and for people aged 55–74 remained virtually unchanged, with 2.5%.

The average duration of unemployment was 8.5 months; 21.8% of unemployed people had been searching for a job for one year or more.

In May 2020, the average number of unemployed reached 215,000, with the unemployment rate rising to 4.7%. Compared to April, the number of unemployed increased by 28,000.

Compared to May 2019, the number rose by 55,000. The unemployment rate rose by 0.6 percentage point in one month and by 1.2 percentage points in one year.

The number of inactive people decreased significantly, by 59,000, as those who had previously become unemployed began to actively look for work after the restrictions on personal relationships were lifted, KSH says.

Of these, 31,000 have started work, increasing employment levels. However, a further 28,000, despite actively looking for work and being able to start work within 2 weeks, could not find a job, increasing the number of unemployed according to ILO definitions.

At the end of May 2020, the number of registered jobseekers increased by 43.4% to 363,000 compared to a year earlier, according to data by the National Employment Service.

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Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

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