Greek Unemployment Rate Lowest Since 2012


The Greek seasonally adjusted unemployment rate edged down to 21.7 percent in May 2017 from an upwardly revised 21.8 percent in the previous month and compared with 23.6 percent in May 2016. It was the lowest jobless rate since January 2012, as the number of unemployed decreased by 0.5 percent from the previous month to 1.04 million and employment rose by 0.1 percent to 3.74 million. Still, Greek unemployment rate remains more than double the Eurozone's average.

Compared with the previous month, the number of unemployed decreased by 0.5 percent to 1.04 million and the number of employed rose by 0.1 percent to 3.74 million. Meanwhile, the number of inactive persons was unchanged at 3.24 million.

A year earlier, the unemployment rate was recorded at 23.6 percent. The number of unemployed persons fell by 8.8 percent while employment grew by 2.1 percent. The number of inactive persons declined by 0.4 percent year-on-year.

Unemployment continued to affect mainly people aged 15 to 24, as 44.4 percent of young active population was unemployed, a decrease of 5.3 percentage points from the same month in the previous year. While the majority of age groups recorded a lower jobless rate when compared to a year earlier, the unemployment rate among people aged 55 to 64 rose further by 1.3 percentage points to 19.8 percent.

The unemployment rate for males decreased by 1.7 percentage points to 18.1 percent in May and for females it was down by 2.3 percentage points to 26.1 percent.

Among regions, the highest unemployment rates were reported for Epirus-Western Macedonia (27.4 percent), followed by Macedonia-Thrace (22.3 percent) and Attica (22.1 percent); while Aegean Islands recorded the lowest rate (16.3 percent).

ELSTAT | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/10/2017 10:14:04 AM