All-Time Low for Jobseekers: Hungary Aiming to Reach Level of Development Equal to 90% of EU Average

  • 15 Apr 2024 7:05 AM
  • Hungary Matters
All-Time Low for Jobseekers:  Hungary Aiming to Reach Level of Development Equal to 90% of EU Average
More and more people in Hungary are willing to work, and the number of economically inactive people is down in just about every age group, Márton Nagy, the national economy minister said.

Restoring and further increasing economic growth requires raising the labour market activity rate, Nagy told a conference, according to a ministry statement.

The government aims to increase the employment rate in the 15-64 age group to 85% in order for Hungary’s level of development to reach 90% of the European Union average, Nagy said.

Citing the latest jobs data, the minister said the unemployment rate has seen only a slight increase, while the number of jobholders is at 4.7 million and the number of jobseekers is at an all-time low.

He said the rise in unemployment was only temporary, adding that it also showed that more and more previously inactive people were entering the job market.

Nagy said the number of economically inactive people was down in just about every age group, mainly in the 15-34 and 55-64 brackets.

Hungary Feb Industrial Output Up 1.8%

Headline industrial output rose by 1.8% in February 2024 compared with the same period last year, the Central Statistical Office said in a second reading of data on Friday.

Adjusted for the number of working days, output was up by 1.4%. Month on month, output grew by 3.5% based on seasonally and working day-adjusted data.

The detailed data show that output of the automotive industry, Hungary’s biggest manufacturing sector, increased by an annual 1.6% in February.

Output of the electrical equipment segment edged down by 0.8%, while computer, electronics and optical equipment output fell by 1.5%. Food, drinks and tobacco output climbed by 10.3%.

Construction Sector Output Up 3.2% in February

Output of Hungary’s construction sector in February rose by an annual 3.2%, the Central Statistical Office (KSH) said on Friday. Output of the buildings segment increased by 2.8% while civil engineering output grew 4.4%.

Month on month, construction sector output fell by 8.5%, adjusted for seasonal and working-day effects.


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