Hungaryʼs Potential Labor Force Continues To Shrink

  • 9 Apr 2018 8:12 AM
  • Budapest Business Journal
Hungaryʼs Potential Labor Force Continues To Shrink
The Hungarian labor force had a reserve of 360,000 at the end of 2017, located mainly in the northeast of the country.

The labor reserve refers to unemployed and part-time workers, as well as those who are not actively seeking a job but are willing to work.

According to data released by the Central Statistical Office (KSH), cited by business news portal, in the last quarter of 2017 the number of registered unemployed was 192,000, while a further 7,000 were unable to start work within two weeks, 40,000 were working part-time but willing to work full-time, and 120,000 were able to work within two weeks, but were not actively searching for jobs.

The labor force reserve is unevenly spread across the country.

In the Northern Hungary and Northern Great Plain regions, the reserve of those aged 15-64 stood between 82,400 and 85,300, while in Southern Transdanubia the reserve fluctuated the most, between 51,600 and 82,300, and in the Southern Great Plain region between 40,100 and 51,500.

The remaining, more developed regions of Central Hungary and Central and Western Transdanubia had the lowest reserves of between 31,300 and 40,000.

One year earlier, at the end of 2016, the potential labor force reserve stood at 420,000, but this figure had shrunk to 360,000 by the end of last year, noted

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Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.