Hungary's unemployment rate dropped to 3.4 percent in May-July 2019 from 3.8 percent in the corresponding period of the previous year while employment rose by 33.9 thousand to 4.518 million. Among genders, the jobless rate was lower for men (3.2 percent from 3.4 percent) than for women (3.6 percent from 4.1 percent). The number of unemployed went down by 16.2 thousand to 156.9 thousand. The youth unemployment rate (15-24 age group) fell to 2.9 percent from 3.4 percent a year earlier. Meantime, the labour force participation rate increased slightly to 63.0 percent from 62.6 percent a year ago and the employment rate rose to 60.9 percent from 60.3 percent. Unemployment Rate in Hungary averaged 7.26 percent from 1999 until 2019, reaching an all time high of 11.80 percent in March of 2010 and a record low of 3.30 percent in June of 2019.
Unemployment Rate in Hungary is expected to be 3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Hungary to stand at 3.50 in 12 months time. In the long-term, the Hungary Unemployment Rate is projected to trend around 3.40 percent in 2020, according to our econometric models.