Hungary's unemployment rate hits record low at 3.5 pct

Source: Xinhua| 2019-05-29 23:00:59|Editor: Mu Xuequan
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BUDAPEST, May 29 (Xinhua) -- Hungary's unemployment rate hit a record low of 3.5 percent in February-April, according to official sources here on Tuesday.

"The unemployment rate in Hungary has never been so low, it fell to a record low of 3.5 percent from 12 percent in 2010," Minister of Finance Mihaly Varga said in a statement following the release of the latest statistics.

"Hungary's unemployment rate is the fourth lowest in the whole European Union," Varga added.

Hungary's three-month rolling average jobless rate was 3.5 percent in February-April, down from 3.6 percent in the previous three-month period, according to the latest figures published on Tuesday by the Central Statistical Office (KSH).

Varga underlined that "The economic policy stimulating employment, the targeted employment programs, the job-creating investments and the decrease in work-related taxes were successful, as the number of unemployed people in Hungary declined to less than one-third of its original level in nine years."

The low unemployment figure falls in line with a broader context of a booming Hungarian economy with the latest gross domestic product (GDP) growth figure also hitting a record 5.3 percent in the first quarter of 2019.