Greece: Unemployment rate climbs for first time in over a year in April as Covid-19 starts to bite
July 9, 2020
The number of unemployed workers rose by 52,717 in April compared to March while the seasonally-adjusted unemployment rate climbed to 15.5% from the previous month’s revised 14.5% (previously reported: 14.4%), according to data released by the Hellenic Statistical Authority (ELSTAT). April’s reading was the first increase since January 2019 but was below that of the same month last year (April 2019: 17.5%).
Greece’s unemployment rate had been falling steadily in recent years, since peaking at around 28% in the summer of 2013. However, it is bound to increase going forward as the Covid-19 crisis takes its toll.
Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 33.6% in April, above April’s 2019’s 32.7%.
Author: Javier Colato, Economist