Greece: Unemployment drops in May
The number of unemployed workers decrease by 31,010 in May compared to April, while the seasonally-adjusted unemployment rate dropped to 15.9% from April’s upward revised 17.1% (previously reported: 17.0%). Moreover, the print was below May 2020’s result of 16.8%.
Greece’s unemployment rate had been falling steadily, since peaking at around 28% in the summer of 2013, until the Covid-19 pandemic struck. That said, although the unemployment rate has started to decline towards February 2020’s nine-year low, it is expected to remain elevated going forward as the labor market feels the brunt of lockdown restrictions which lasted until mid-Q2. On top of this, a slower-than-expected recovery of the key-tourism industry is likely to further weigh on the labor market.
Meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—dropped to 33.1% in May, following April’s 46.8%.