Hungary: Layoffs Outpace Hiring as Business Confidence Drops, Construction Sector Hit Hardest
PublishedEditorial policy
Hungarian companies are planning twice as many layoffs as new hires, according to GKI Economic Research Co. The business confidence index has fallen by 4 points since July, indicating a pessimistic outlook, with the construction sector facing the most significant planned reductions.
Key takeaways
- Hungarian companies are planning twice as many layoffs as new hires, signaling a pessimistic outlook among management rather than a temporary imbalance.
- The construction sector is experiencing the most significant downturn; if you work in this field, the risk of layoffs is higher, and monitoring company news is advised.
- For expatriates working in Hungary, it is prudent to strengthen your position within your company and consider alternative job searches if you perceive instability.
Hungarian Job Market Sees Increased Layoff Plans Amid Economic Uncertainty
According to GKI Economic Research Co., Hungarian companies are twice as likely to plan layoffs as they are to hire new employees. The business confidence index has dropped by 4 points since July, reflecting a clear lack of optimism among executives.
The construction sector is particularly affected, with the most extensive reductions planned in this area. For expatriates and foreign professionals already in Hungary or planning to relocate, this trend suggests increased competition in the job market and a higher risk of layoffs in economically sensitive industries.
It is advisable for individuals to assess the stability of their current or prospective sector rather than relying on general hiring trends.
Sources
Based on Emigro corridor reporting. Primary links below.
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