Greece Unemployment June 2021

Greece

Greece: Unemployment declines in June

August 12, 2021

The number of unemployed workers decreased by 32,189 in June compared to May, while the seasonally-adjusted unemployment rate dropped to 15.0% from May’s downward revised 15.8% (previously reported: 15.9%). Moreover, the print was below June 2020’s upward revised print of 17.8% (previously reported: 16.5%).

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. Meanwhile, the possibility of tighter Covid-19 restrictions, in light of the spread of more infectious Covid-19 variants, clouds the outlook for the labor market.

Lastly, meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—dropped to 28.3% in June, following May’s 33.1%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 16.5% in 2021, which is down 0.2 percentage points from the previous month’s projection. For 2022, the panel sees the unemployment rate averaging 15.6%.


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Greece Unemployment Chart


Greece Unemployment June 2021 2

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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