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Hungarian report Hungarian report
by Euro Reporter
2011-08-31 09:34:17
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Jobless rate unchanged 10.8%

Hungary's average unemployment rate was 10.8% in the 15-74 age groups in May-July 2011, unchanged from 10.8% in April-June and down from 11.0% in May-July 2010, the Central Statistics Office (KSH) said on Monday. In the 15-64 age groups the jobless rate was also unchanged at 10.9% from April-June and dropped from 11.1% one year earlier. The jobless rate fell and the number and share of employed rose in both the 15-74 and the 15-64 age groups in the previous three consecutive three-month periods.

 After months of decline, the activity rate in both age groups rose now for the fourth three-month period in a row, to 56.0% and 62.9%, respectively. The number of unemployed in the 15-64 age group averaged 463,100 in May-July 2011, rising 2,500 from the previous three-month period, but down 3,900 in one year. The number of employed within the 15-64 age group rose 23,400 from April-June to 3,800,200, and was up 42,900 from a year earlier, KSH said.

The changes in jobless numbers and the rise in employment numbers were similar in the 15-74 age group where the number of unemployed rose 2,500 from April June to 463,200 and the number of those employed rose 23,300 to 3,832,100 in May-July. The employment rate in the 15-64 age group was up 0.3 percentage points after rising 0.4 percentage points in the previous three-month period, and at 56.1% in May-July, and was up 0.6 percentage points from a year earlier. The rate bottomed out at 54.6% in Q1 2011.


Poor have money to burn

Hungarian charities have the chance to burn tonnes of used banknotes as an alternative source of heat, the country's central bank announced on its website.

Briquettes made by compressing worn out and defaced forint bills have energy content similar to lignite and can greatly reduce heating bills, the Hungarian National Bank says. Some 40 to 50 tonnes of old banknotes are withdrawn from circulation annually in Hungary, the bank says. This is the fourth year it has used this novel means of disposing of surplus cash.

Old people's homes and children's charities are among the previous beneficiaries of the money-to-burn scheme.


Hungary said to be past its shopping centre boom

While the total area of shopping malls in Central and Eastern Europe is expected to increase from 12 to 18 million square metres by 2013, Hungary and the Czech Republic will not be involved in the trend, business daily Vilaggazdasag said on Friday, citing a recent survey.

Hungary's share of the total rentable shopping-centre area within the region is predicted to decline from 15 percent in 2007 to 10 percent by 2013. During the same period, Bulgaria's share is forecast to rise from 2 to 7 percent and that of Romania from 9 to 18 percent.

The survey conducted by PMR Consulting, a British-US-based company offering services for foreign companies interested in the CEE region, attributed the ebb in Hungarian shopping mall construction to the stagnating retail market and the fact that Hungary had already experienced a plaza boom over the past two decades.

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