36,000 more people in work in Hungary y.o.y. in Q4
In October–December 2017, the average number of employed people in Hungary was 4,447,000, some 36,000 - or 0.8% - more than in Q4 2016. The employment rate among people aged 15–64 rose to 68.8%, according to a first release of data from the Central Statistical Office (KSH). As before, the level of employment was higher among men than women.
In October–December 2017, the increment in the domestic primary labor market was 88,000, while the number of people declaring work in public employment decreased by 39,000 and those working at local units abroad by 13,000.
The overwhelming majority of employed people were aged 15–64, with the overall employment rate among this age group growing by 1.3 percentage points to 68.8%.
The number of employed men aged 15–64 increased by 1.9%, while their employment rate rose by 2.1 percentage points to 76.1%. Among women aged 15–64, the number of employed remained essentially unchanged, while their employment rate – due to demographic changes – grew by 0.5 of a percentage point to 61.7%.
Among young people aged 15–24, the employment rate was 29.3%. The number of employed people increased in both the "best working age" group, i.e. those aged 25–54, and in the older, 55–64 age group; the employment rate grew by 1.1 percentage points to 84.0% among the former, and by 1.9 percentage points to 53.0% among the latter age group.
The employment rate among people aged 20–64 – the coverage regarding the development of employment objectives defined in the Europe 2020 Strategy – grew by 1.4 percentage points to 73.9%. The European Union has targeted raising the average employment rate to 75% by 2020; in Hungary, the employment rate in this age group is currently 81.9% for men and 66.2% for women.
The level of employment of the population aged 15–64 increased in all of Hungaryʼs regions in Q4 except Southern Transdanubia, which was characterized by stagnation. The most significant growth of 2.2 percentage points occurred in Western Transdanubia. The employment rate was the highest in Central Hungary (72.6%), and the lowest in Southern Transdanubia (63.3%).
Significant rise in older workers in 2017
In the full year January–December 2017, compared to 2016, the number of employed Hungarians rose by 70,000 to 4,421,000. The increment in the domestic primary labor market was 103,000, while the number of people declaring work in public employment fell by 27,000 and those working at local units abroad by 7,000.
Among the population aged 15–64, the employment rate increased by 1.6 percentage points to 68.2% in 2017 on average. The growth was higher for men, whose employment rate rose by 2.2 percentage points to 75.2%, while the number of working women increased by 1.0 percentage point to 61.3%.
All the observed age groups were characterized by a growth in employment rates. Employment among young people increased by 0.8 of a percentage point to 29.0%, while the rate among those in the "best working age" group of 25–54 grew by 1.4 percentage points to 83.7%. The highest increment occurred among the older population aged 55-64, whose employment rate rose 1.8 percentage points to 51.7%.
In the Europe 2020 Strategy-defined 20–64 age group, the employment rate rose by 1.7 percentage points to 73.3% in 2017.
Employment figures for the next three-month period of November 2017–January 2018 will be published on February 27, as usual in tandem with unemployment data.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.