Jobless rate rising in Hungary but secretary remains positive

Hungary’s jobless rate stood at 4 percent in August, up from 3.6 percent twelve months earlier, the Central Statistical Office (KSH) said on Friday.

Month on month, the unemployment rate edged up from 3.9 percent. The rate covers unemployment among people between the ages of 15 and 74. In absolute terms, there were 195,400 unemployed in August, 1,700 more than in July and 21,700 more than twelve months earlier.

The rolling three-month average jobless rate stood at 4.1 percent in August, up from 4.0 percent in July and 3.4 percent twelve months earlier, KSH added.

Commenting on the data, Sándor Czomba, state secretary for employment at the economic development ministry, said the Hungarian economy and labour market were “crisis-proof”, with the number of employed growing, even amidst the crisis fuelled by “war and failed sanctions”.

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He said one million more people had jobs than during the Fidesz government’s left-wing predecessor.

Government measures, he added, were feeding into a rebound in consumption, and “rapid economic recovery” would soon emerge on the back of growth in production and investments, an inflow of foreign capital and ballooning exports.