Greece Unemployment June 2020

Greece

Greece: Unemployment rate climbs in June amid coronavirus pandemic

September 10, 2020

The number of unemployed persons rose by 58,146 in June compared to May while the seasonally-adjusted unemployment rate jumped to 18.3% from the previous month’s revised 17.3% (previously reported: 17.0%), according to data released by the Hellenic Statistical Authority. June’s reading marked the third consecutive increase and the highest unemployment rate in over a year. In addition, it was above that of June 2019’s revised 17.1% (previously reported: 17.2%).

Greece’s unemployment rate had been falling steadily in recent years, since peaking at around 28% in the summer of 2013. Nonetheless, the pandemic’s impact on the country’s tourism industry and the small and medium enterprises—the backbone of the Greek economy—is bound to increase unemployment going forward.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 39.3% in June, well above June 2019’s 34.4%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 19.1% in 2020, which is down 0.2 percentage points from the previous month’s projection. For 2021, the panel sees the unemployment rate averaging 18.6%.


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Greece Unemployment Chart


Greece Unemployment June 20 20

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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