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What You Need to Know About Hungary's Job Market

September 29, 2020
With the world it is now, you can't help but need to work as much as you can. So you ought to prepare yourself just in case you get relocated or you'll need to move to find suitable work. While most people would probably go for the big leagues—namely, work in cities like New York, Berlin, Singapore, London, Shanghai, and the like—there are other places that are worth finding a job in as well. One in particular is Hungary. Vastly underrated, the country does have a stable enough economy to welcome foreign professionals. But what about its job market? Here's what you need to know.

What You Need to Know About Hungary's Job Market

Source: Flickr.com/ Home Thods


The Current Unemployment Rate in Hungary 

Looking at the unemployment rate is a good way to really know just how stable and strong a country's job market is. The fewer percentage of the population that are unemployed,  the better the workforce appears. Here in Hungary, even despite the Covid-19 pandemic, the unemployment rate remains in single digits with 4.60%. Not exactly its lowest as the country once saw a low point of 3.4% back in 2019, but it's good enough, especially with what's going on in the world right now. This low unemployment rate further proves that Hungary's job market is alive, well, and definitely kicking! 

Hungary's Most Promising Fields

In most major cities in Hungary, especially in the capital city of Budapest, tourism has seen a surge in the past few years. Though the pandemic may have slowed it down a bit, the millions of visitors traveling to Hungary each year proved that it was finally getting the amount of attention it deserved. Because of this, hospitality and management became the most promising field in the country's job market. From hotel managers to tour guides, there were many positions available for workers here. And since the influx of tourists meant new businesses to cater to them, IT also became a strong field.

What You Need to Know About Hungary's Job Market

Hungarian Fields Worth Working Into

Though it's not at the level of the UK or Belgium just yet, Hungary is definitely on its way to becoming a major player in the finance world. Several international banks had begun operating in the country, as well as the rise of many businesses improved its economy tenfold. So to help with all of that, finance became a formidable field in Hungary's job market. And since such positions promised big salaries, finance jobs increased in number and popularity. At the same time, business management saw a rise in demand as well. Many companies hired and continue to look for professionals ready to lead corporations and companies. 

Startup Culture in Hungary

If you go to Budapest, you'll see that there are many co-working spaces in the city. If you're wondering why, it's because startup companies have become the norm in Hungary. With its stable economy and rising popularity among tourists, the country became a level playing field for small businesses to set up shop and try their hand at competing against big corporations. As a result, Hungary's job market saw new opportunities for professionals and fresh graduates to land employment, albeit in positions that won't necessarily pay well but will provide excellent experiences. The startups continue to shift the country's workforce and offer stepping stones to people looking to achieve a career! 

What You Need to Know About Hungary's Job Market

Jobs for English-Speakers in Hungary

What about foreign residents who can't speak Hungarian? Will they be able to take part in the country's job market? The answer is a resounding yes! In fact, one of the strongest fields in the country right now is teaching English. Whether you'll work in a school or become a private tutor, teaching English has definitely become a big part of Hungary's workforce. And since most Hungarian's aren't taught to speak English at an early age, the country often seeks professionals abroad for such positions. Furthermore, as already mentioned, the strong tourism Hungary has been seeing also resulted in an increase of English-speaking positions in the hospitality and customer service business. 

Wages and Salaries Trends

According to the Hungarian Central Statistical Bureau, the average gross wages of workers in Hungary had been steadily rising. That was, until the Covid-19 pandemic. But even then, while the country did take quite a hit, it's not as bad in other countries. Pre-pandemic, the average gross earning was 360,700.00. Meanwhile, the net average salary or wage was 247,300.00 Ft. Both are substantially more than in neighboring nations. They both show that Hungary was definitely become a country to watch on the global stage. Had it not been for the pandemic, the nation might have become a powerhouse worth paying attention to! 

What You Need to Know About Hungary's Job Market

Hungary may not be your first choice when looking for a new place to work into, but it'll definitely be a good choice nonetheless! The job market here is strong and stable, more so than in other countries that are probably more popular but offer fewer opportunities.