Hungarians’ exodus number at historic high, jobless rate at negative peak!
Hungary’s jobless rate was 4.3 percent in May, edging down from 4.4 percent in April, the Central Statistical Office (KSH) said on Friday. Meanwhile, the number of Hungarians leaving the country reached a historic high with more than 35 thousand, the entire population of settlements like Vác or Budapest’s 6th district.
The number of Hungarians leaving the country hit a historic record, with 35,736 people leaving Hungary in 2023. That is 24% more than in 2022. Compared to the previous peak, 32,852 in 2015, the current number is 8.8% higher. The three top target countries are Austria, Germany and the United Kingdom.
The number of Hungarians moving to Austria was 16,505 in 2023, while in the case of Germany, that number is 8,595. The number of Hungarians starting a new life in the United Kingdom did not reach 1,000 due to Brexit, 444.hu wrote.
Jobless rate also at peak
The rate covers unemployment among people between the ages of 15 and 74. In absolute terms, there were 212,000 unemployed in May. The number of jobholders was 4,749,000 in May, 36,000 more than twelve months earlier. In the March-May period, the average number of employed in the age group was 4,745,000, 41,000 more than in the same period a year ago.
Commenting on the data, Sándor Czomba, the state secretary for employment policy, said employment and the number of economically active people had both increased compared with the same period last year, while the number of registered jobseekers is at an all-time low.
The state secretary said economic activity continued to expand, which helped boost employment and economic output. He attributed the drop in unemployment to the fact that those entering the labour market were able to find work almost immediately.
He noted the government’s aim of increasing the labour activity rate in the 20-64 age group from the current 81 percent to 85 percent
by mobilising the domestic labour market reserves of around 300,000 people.
Guest nights up
Guest nights at commercial and private accommodations in Hungary rose by an annual 13 percent to 3.7 million in May from the same period a year earlier, the Central Statistical Office (KSH) said on Friday. The number of guest nights spent by domestic travellers rose by 5.1 percent to 1.7 million, while guest nights spent by foreign visitors rose by 21 percent to 2.0 million.
Revenue of commercial accommodations climbed 20 percent to 88 billion forints (EUR 221.8m). In January-May, guest nights spent by domestic travellers rose by an annual 4.9 percent, while foreigners’ guest nights rose by 13 percent, KSH said.
Industrial PPI down 0.2 pc in May
Factory gate prices in Hungary fell by an annual 0.2 percent in May, falling for the tenth month in a row after rising for years, the Central Statistical Office (KSH) said on Friday. Prices for domestic sale fell by 3.9 percent but export prices were up 1.7 percent. In a month-on-month comparison, factory gate prices inched up 0.2 percent as prices for domestic sale slipped by 0.9 percent while export prices rose 0.7 percent.
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Hungarians are voting with their feet
As I tell friends – Hungary is a great place to visit. As I tell clients – Hungary is politically stable. As a lot of my staff say – “why should I stay?”. Tricky.
Norbert tells it how it is. Budapest is a great place to visit, others parts of Hungary CAN be, but the price to value ratio is eroding with alarming speed. The weak currency takes the edge off things but outside of the capital, even Austria is looking like a better value for the average tourist.