The rate of employment market participation in Hungary has risen to its highest rate in 20 years.

This is according to an article in Portfolio.hu, which notes that the country is seeing a recovery in its labor market and witnessed a fall in its jobless rate during the three months to September 2010.

Official employment figures reveal joblessness in the country dipped to 10.9 per cent in the third quarter of this year from 11.1 per cent during the April to June period, although the pace of labor market growth slowed.

Janos Samos of Concorde Securities in Budapest told the news source: "The fall in the unemployment rate as well as the rise in employment was a positive development, reflecting the increasing activity primarily in the export sector, we believe."

He pointed to a seasonally-adjusted rise in employment of one per cent since it reached a "trough" in summer 2009, but added that strong economic growth is required to sustain an expanding jobs market.

A member of the European Union since 2004, Hungary is a land-locked country in central Europe with a population of around ten million.

Posted by Alex Donnell