About 26% of Hungarian Companies Plan Layoffs

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Around 26% of Hungarian companies plan layoffs in the last quarter of this year, news agency MTI reports, citing a representative survey by staffing company ManpowerGroup.

The survey shows half of domestic companies plan no changes to headcount but only 20% intend to make new hires.

This means layoffs could exceed new hires for the first time since the outbreak of the pandemic. 

ManpowerGroup noted that layoffs are mainly expected in the capital and western Hungary. Headcount is only expected to expand in manufacturing, it could remain unchanged in banking, insurance, and the real estate sector, and is expected to decline in raw material production, IT, technology, telecommunication, communication, and the media.

The outlook is also negative for tourism, with 39% of hotels and restaurants planning lay-offs, the survey revealed.

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