Greece Unemployment April 2021

Greece

Greece: Unemployment increases in April

July 7, 2021

The number of unemployed workers increased by 38,683 in April compared to March, while the seasonally-adjusted unemployment rate rose to 17.0% from March’s upward revised 16.8% (previously reported: 16.3%). Moreover, the print was above April 2020’s result of 15.9%.

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.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—jumped to 46.8% in April from 37.5% in the prior month.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 16.7% in 2021, which is down 0.2 percentage points from the previous month’s projection. For 2022, the panel sees the unemployment rate averaging 15.7%.


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Greece Unemployment Chart


Greece Unemployment April 2021

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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