The unemployment rate in Hungary rose to 4.4% in October-December 2023, up from 3.9% in the corresponding period of the previous year. According to KSH the highest unemployment rate was in Northern Hungary (7.3%), and the lowest in Central Transdanubia (2.2%).

According to the Hungarian Central Statistical Office the unemployment rate in Hungary increased to 4.4 percent during October-December, up from 4.3 percent in the preceding September-November period. Photo by Niek Verlaan/Pixabay

The unemployment rate in Hungary increased to 4.4 percent during October-December, up from 4.3 percent in the preceding September-November period. This marks a notable contrast from the same timeframe last year when the jobless rate stood at 3.9 percent.

The employment rate fell marginally

According to the Hungarian Central Statistical Office (KSH) the number of unemployed people grew by 30.9 thousand from a year earlier to 219.8 thousand. Of this total, 113.2 thousand were men, with their unemployment rate rising to 4.3%, while 106.6 thousand were women, and their unemployment rate was up to 4.5%.

The average duration of job search was 9.3 months, with 34.2% of individuals actively seeking employment for a duration exceeding one year. 

According to the KSH the employment rate fell marginally to 64.9 percent in October-December from 65.1 percent in the prior month.

The youth unemployment rate

The youth unemployment rate, which applies to the 15-24 age group, was 14.7 percent in the three months that ended December. The unemployment statistics reveal that 46 thousand individuals aged 15–24 are currently unemployed, constituting 21.1% of the total unemployed population. In comparison, the 25-54 age group experienced a slight increase in the unemployment rate, rising by 0.4 percentage points to 3.9%. The unemployment rate for individuals aged 55-74 remained relatively stable at 3.2%.

(J)