In the period September-November 2019, there were 23,000 more people working compared to the same period in 2018. This means that some 4.5 million people in Hungary had a job, with the average number of unemployed standing at 163,000 and an unemployment rate of 3.5 percent. The employment rate for the 20-64 age group was 75.5 percent (83.4 percent for men and 67.7 percent for women), above the EU target of 75 percent for 2020. One sour note was in the 15-24 age group, where the number not working increased to 43,000, resulting in the unemployment rate here jumping 2.9 percent to 13.2 percent.
Growth in the number of employees can be directly tied to growth in the private sector, as those employed in the primary labor market increased by 31,000; meanwhile, the number of employees working abroad increased by 10 thousand, and the number of self-employed decreased by 19,000.
The Hungarian government aims to reach an unemployment rate below 3 percent (full employment) and is focused on maintaining strong economic growth so that demand for employment remains high. As it has previously made clear, the administration’s goal is to keep the Hungarian economy growing at least two percentage points above the EU average.
In support of further employment, Hungary continues to develop vocational training and programs for training and entrepreneurship. It also provides targeted support for public workers, job seekers and retirees looking to work, which has led to more and more entering the primary labor market. Via its Family Protection Action Plan, the government has facilitated work for both pensioners and mothers with small children, and measures to facilitate efficiency and labor management have been implemented as well.
The performance of the Hungarian economy has increased by about 30 percent since 2010, making Hungary, together with Central Europe, an engine of development on the continent.