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Hungary
Hungary, with a GDP of $212.39 billion, ranks 56th globally. Its main industries include mining, metallurgy, and pharmaceuticals. The country faces a stable yet aging working population, with a moderate 4.1% unemployment rate indicating a balanced labor market. Hungary hosts a moderate number of recruitment agencies, reflecting a growing specialization.
Hungary'S
AGENCY LANDSCAPE
Agencies operating in Hungary
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Hungary'S
FEATURED AGENCIES
Randstad
PBS International Ltd
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Hungary'S
GROSS DOMESTIC PRODUCT (GDP) RATING
WORLD RANKED
Hungary ranks 56th in the world by current economic output
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
EMEA RANKED
Hungary is the 32nd biggest GDP in EMEA out of 109 countries in the region
GDP GROWTH (%)
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
Country currency
Country ISO code
Hungary'S
INFLATION RATE
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.
Hungary'S
COST OF LIVING
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
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.
Hungary'S
RELIGION AND ETHNICITY
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.
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
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
Hungary'S
TOP PERFORMING INDUSTRIES
Top industries
Hungary'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
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
Average gross annual wage (US$)
This figure represents yearly income before taxes. Higher wage countries are above $50,000 USD. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average compensation may be required for in-demand skills.
Average gross monthly wage (US$)
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
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.
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
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.
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.
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