Hungary: Unemployment Figures, by age bracket
Year15-24y,
in 1,000s
25-54y,
in 1,000s
55-74y,
in 1,000s
20234013429
20223211826
20214212925
20204013523
20193710517
20183411919
20173613026
20164515832
20155921039
20146823540
  • Region: Hungary
  • Time period: 2014 to 2023
  • Published: Mar 2024

Data Analysis and Insights

Updated: Apr 10, 2024 | Published by: Statistico | About Us / Data / Analysis

Decline in Unemployment Among the Youngest and Oldest

The age group of 15-24 years saw a decrease in unemployment from a peak of 68,000 in 2014 to 40,000 by 2023, marking a significant reduction of over 40%. Similarly, for those aged 55-74 years, unemployment decreased from 40,000 in 2014 to 29,000 in 2023. These trends indicate a positive shift towards lower unemployment rates among the youngest and oldest segments of the workforce.

Substantial Reduction in Middle-Aged Unemployment

The group aged 25-54 years experienced a notable decrease in unemployment, dropping from 235,000 in 2014 to 134,000 by 2023. This represents a substantial reduction of over 43%, highlighting significant improvements in employment opportunities for the prime working-age population over the past decade.

Highest Unemployment Numbers in Mid-Decade

Unemployment across all age groups reached its peak around the middle of the last decade, with 2015 recording the highest figures: 59,000 for ages 15-24, 210,000 for ages 25-54, and 39,000 for ages 55-74. These numbers underscore a period of economic challenge that has since seen a gradual but consistent improvement.

Stabilization in Youth Unemployment After a Peak

After reaching a peak in 2014 with 68,000 unemployed individuals aged 15-24, the unemployment rate for this age group fluctuated before stabilizing. By 2023, the number was at 40,000, showing resilience and recovery in youth employment sectors.

Significant Unemployment Reduction for the Prime Working-Age Group Since 2015

For the prime working-age group (25-54 years), unemployment saw a sharp decline from its peak in 2015 at 210,000 to 134,000 in 2023. This decrease underscores significant strides towards economic recovery and employment stability for this demographic, highlighting a successful period of job creation and/or economic adjustments beneficial to this group.

Elderly Unemployment Shows Least Variation

The unemployment figures for the 55-74 years age group have shown the least variation over the years, with a modest increase from 17,000 in 2019 to 29,000 in 2023. This stability suggests that the employment situation for the elderly has been relatively steady, with less dramatic changes compared to younger demographics.

General Trend Towards Recovery

Analyzing the data from 2014 to 2023, a general trend towards recovery is evident across all age groups in Hungary. The consistent decrease in unemployment rates across the board reflects broader economic improvements, better job opportunities, and possibly effective policies targeting employment growth and stability.

Frequently Asked Questions

What trends were noted regarding unemployment rates among younger and older age groups in Hungary in recent years?

Unemployment among those aged 15-24 years decreased by over 40% from 68,000 in 2014 to 40,000 in 2023, and for those aged 55-74 years, it declined from 40,000 in 2014 to 29,000 in 2023.

When did unemployment across all age groups reach its peak?

Unemployment across all age groups peaked in 2015, with the highest figures being 59,000 for ages 15-24, 210,000 for ages 25-54, and 39,000 for ages 55-74.

Terms and Definitions

Unemployment refers to the situation in which people who are actively looking for work are unable to find employment. It is usually measured as a percentage of the workforce and shows how many workers are without jobs. Economically, it's a significant indicator of economic health within a country.

The labor force is comprised of employed and unemployed people aged 16 years and over who are willing and able to work. It includes those actively seeking employment and those currently in employment. It does not include individuals who are retired, studying, unable to work, or have chosen not to work.

Youth Unemployment refers to unemployment among individuals typically aged between 15 and 24, who are actively seeking work but cannot find it. High youth unemployment rates are often symptomatic of labor market problems such as skills mismatch, labor market rigidity, or economic downturns.

Long-term unemployment refers to the segment of the workforce that has been unemployed for an extended period of time, usually defined as 27 weeks or more. Long-term unemployment can have far-reaching effects on an individual's financial and emotional well-being as well as on the overall economy.

Seasonal unemployment occurs when workers are unemployed at certain times of the year, because they work in industries where they are not needed all year round. For example, some agricultural, construction, seasonal food production and tourism sector workers might be unemployed during off-peak seasons.

Underemployment refers to a situation where a worker is employed, but not in the capacity for which they are trained or educated, or not being able to work as many hours as they would like. This situation can occur for a variety of reasons, including economic downturns or an oversupply of labor in certain industries or regions.

An active job seeker is an individual who is currently looking for work. They may be unemployed and seeking full-time work, or they may be employed but looking for a job change. They are part of the labor force and are typically included in measures of unemployment.
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