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Employment rate likely to rise further in coming months

Hungary's unemployment rate is likely to rise further in the coming months, analysts told MTI on Wednesday, after fresh jobless data was published.

Hungary's average unemployment rate was 11.8% in January-March, the Central Statistical Office (KSH) said in the morning. The rate rose from 11.4% in December-February to reach the highest level since 1993.

Roland Kovács of Equilor Befektetési said the unemployment rate would continue to rise for at least another six months. Expanding exports can bring the Hungarian economy moderate growth, but new jobs will not be created as long as domestic demand remains weak, he added.

CIB Banks's György Barta said the winding-up of state-subsidized job creation programs had boosted the jobless rate. The rate will probably rise in the coming months, but fall to around 10.7% by year-end, he added. (MTI-Econews)