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%.
Author: Alexandros Petropoulos,