Greece: Unemployment increases in April
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.