Country shape hu

Your global agency guide to...

Hungary

Hungary, with a GDP of $212.39 billion, ranks 56th globally. Its main industries include mining, metallurgy, and pharmaceuticals. The country faces a stable yet aging working population, with a moderate 4.1% unemployment rate indicating a balanced labor market. Hungary hosts a moderate number of recruitment agencies, reflecting a growing specialization.

Hungary'S

AGENCY LANDSCAPE

500 diagonal-ne-arrow-cyan

Agencies operating in Hungary

A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.

14-18%

Typical fee range

Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.

Hungary'S

FEATURED AGENCIES

Randstad

PBS International Ltd

Get featured here

Hungary'S

GROSS DOMESTIC PRODUCT (GDP) RATING

56

WORLD RANKED

Hungary ranks 56th in the world by current economic output

$212B

NOMINAL GDP (US$)

GDP reflects the overall size and economic strength of the country’s economy.

32

EMEA RANKED

Hungary is the 32nd biggest GDP in EMEA out of 109 countries in the region

GDP GROWTH (%)

-6%-4%-2%0%2%4%6%8%2017201820192020202120222023WorldEMEAHungary

The above chart compares how Hungary's GDP has grown, compared to the rest of the world and the EMEA region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.

Hungary'S

CURRENCY AND CODE

Ft

Country currency

HUN

Country ISO code

Hungary'S

INFLATION RATE

3.7%

CURRENT RATE

▼13.4% REDUCTION

Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.

0%3%6%9%12%15%18%2018201920202021202220232024Hungary averageEMEA average2-3% Target rate

Hungary'S

COST OF LIVING

020406075United KingdomIndiaHungaryJapanUnited States6221.241.746.170.4

COST OF LIVING INDEX EXPLAINED

The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.

Hungary'S

LABOUR STATISTICS

9.8M

POPULATION

With a population of 9,772,756, Hungary is a small sized country by global standards. Hungary's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in Hungary is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Hungary's elderly population is just above the world average, suggesting a growing dependency ratio, which may strain the labor market.

0%20%40%60%80%100%0-1415-6465+14.264.021.824.665.210.2HungaryWorldHUNGARY VS WORLD POPULATION AGE DISTRIBUTION

Hungary'S

RELIGION AND ETHNICITY

ChristianityNo religionIslamHinduismOther

Religion

In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.

HungarianRomaniGermanOtherUnspecified

Ethnicity

In ethnically diverse countries, there may be a greater variety of candidates with different cultural backgrounds and experiences. Employers may need to focus more on inclusive hiring practices to ensure they attract talent from across different ethnic groups.

Hungary'S

UNEMPLOYMENT RATE

4.1%

CURRENT PERCENTAGE

▲0.52% INCREASE

Hungary's unemployment rate is healthy, indicating a well functioning labor market with good job opportunities for most people. Between 2022 and 2023, there was a moderate increase in unemployment, suggesting a negative shift in economic stability with a slight dip in job availability

02468102017201820192020202120222023HungaryEMEA averageUNEMPLOYMENT RATE

Hungary'S

TOP PERFORMING INDUSTRIES

Top industries

Chemicals (especially pharmaceuticals)
Motor vehicles
Processed foods

Hungary'S

GENDER DEMOGRAPHICS

RATIO OF MALES TO FEMALES (BY AGE)

0%20%40%60%80%100%0-1415-6465+52.450.740.847.649.359.2MaleFemale

LABOUR PARTICIPATION BY GENDER (%)

69 / 54

Male | Female

In Hungary there is a medium gap in participation rates between males and females, indicating moderate inequality with some progress towards gender parity.

Hungary'S

WORKING LIFE

$14K

Average gross annual wage (US$)

This figure represents yearly income before taxes. Higher wage countries are above $50,000 USD. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average compensation may be required for in-demand skills.

$1.2K

Average gross monthly wage (US$)

This figure represents monthly income before taxes. Higher-wage countries typically exceed $4,000 USD per month. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average monthly compensation may be necessary for in-demand skills.

Hungary'S

WORKING LIFE

11DAYS

Minimum annual holidays

Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.

40HRS

Average working full time week

Standard work is 8 hours/day, 40 hours/week, Monday to Friday. Overtime is paid at 50% extra on weekdays and 100% on holidays/weekends, with a limit of 4 hours/day, 8 hours/week. Compensation with rest day grants a 50% supplement for weekend/holiday work.

Hungary'S

TOP BENEFITS

24WEEKS

Maternity leave

Maternity: 24-week paid leave with 100% salary; 4 weeks pre-birth required. Paternity: 5-day paid leave. No parental leave law in Hungary.

15DAYS

Sick leave

Employees get paid sick leave for 15 days/year, with rates varying by duration. After 15 days, the National Treasury covers costs, but employers pay back 30%. For work injuries, high-risk pregnancies, or COVID-19, Treasury pays from day one.

COUNTRY SEARCH

Explore hiring in new countries