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Hungary - Kozep-Magyarorszag

Short overview of the labour market

 

Budapest

The analysis of the labour market is based on data from the Hungarian Central Statistical Office (HCSO) for the third quarter of 2018. According to the latest data from the Labour Force Survey, in the third quarter of 2018 the economically active population in Budapest aged 15-74 was 866 800, the inactive population was 448 200.

The participation rate declined by 0.7% against the same period of the previous year, to 65.9%.

The number of the employed population was 836 100 in the third quarter of 2018; compared to the number of the entire population, no significant change to that indicator can be expected as it has practically reached a limit approximating of full employment.

The unemployment rate was 3.5%, 0.5 percentage points higher than in the same period of the previous year.

The data regarding the unemployment, participation and employment rates are distinctly more favourable in the capital than the national average, as the unemployment rate was 0.3 ppt lower and the participation and employment rates were 3.1 and 3.2 ppt higher, respectively.

The data of the National Employment Service show the continuous decline of registered unemployment (the number of jobseekers).

In Budapest, the number of jobseekers registered by the employment departments of district offices was 16 741 in December 2017; a year later, as at the last day of December, it amounted to 14 301, representing a decline of 14.57%.

In December 2018, 42.6% of registered jobseekers were male and 57.4% were female.

Both the number and the proportion of registered first-time jobseekers continue to decline in Budapest. In 2017, they accounted for 4.1%, whereas in 2018, 3.3% of all registered jobseekers.

Pest County

Central Hungary is the economically most significant and also the most developed region in Hungary. It comprises the capital city of Budapest and Pest County.

According to the latest data from the HCSO's Labour Force Survey, in the third quarter of 2018, 606 600 people in the 15-74 age group were economically active in Pest County, an increase of two percent compared to the previous year.

The participation rate increased during the year at a slower pace than in the year before, reaching 62.8%, one of the highest participation rates in Hungary.

There were 589 800 people employed and 16 800 unemployed.

The unemployment rate was 2.8% (in this respect, Szabolcs-Szatmár-Bereg County is in the worst position, with an unemployment rate over 3 times that of Pest County).

The economically inactive population aged 15-74 years numbered 358 600, which nearly corresponded to the figures of the previous year.

The data of the National Employment Service also show the decline of unemployment.

The average number of registered jobseekers on a quarterly basis fell steadily in the county over the last year, by approximately 10% compared to the base figure.

The average number of registered first-time jobseekers on a quarterly basis fell steadily in Pest County over the past year, by 18% compared to the base value. First-time jobseekers represented 5.8% of all registered jobseekers in the fourth quarter, representing a decrease compared to the period six months earlier.

Due in part to the European programme to help them find a job, the average number of jobseekers under 25 during the quarter has continued to decline, by nearly 14%, as has the ratio of jobseekers under 25 to all jobseekers.

As far as qualifications were concerned, the ratio of jobseekers with secondary or skilled worker qualifications decreased the most, and the ratio of people with vocational secondary school qualifications increased the most.

 

Text last edited on: 08/2019


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