Greece Unemployment August 2021

Greece

Greece: Unemployment rate drops again in August

October 13, 2021

The number of unemployed workers decreased by 1,035 in August compared to July, while the seasonally-adjusted unemployment rate dropped to 13.9% in August, compared to 14.0% in July. Moreover, the print was markedly below the 16.9% unemployment rate logged in August 2020. The reading marked a fresh multi-year low and was likely supported by the reviving tourism industry, which accounts for a sizeable share of the country’s employment.

Greece’s unemployment rate had been falling steadily, since peaking at around 28% in the summer of 2013, until the Covid-19 pandemic struck. Although the unemployment rate has started to decline, it is expected to rise above its current levels by year-end.

Lastly, meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—rose to 33.9% in August from 32.3% in July.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 16.1% in 2021, which is down 0.3 percentage points from the previous month’s projection. For 2022, the panel sees the unemployment rate averaging 15.1%, which is down 0.4 percentage points from last month’s forecast.


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Greece Unemployment Chart


Greece Unemployment August 2021 0

Note: Month-on-month variation of unemployed people in thousands and unemployment rate in %.
Source: Hellenic Statistical Authority (ELSTAT) and FocusEconomics calculations.


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