Greece: Unemployment rate declines to over eight-year low in July
October 10, 2019
The number of unemployed workers fell by 11,405 in July compared to June while the seasonally-adjusted unemployment rate edged down to 16.9% from 17.1% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT). July’s reading was the lowest since April 2011 and below that of the same month in 2018 (July: 19.1%).
Greece’s unemployment rate has fallen steadily in recent years, since peaking at around 28% in the summer of 2013. However, it remains the highest in the Eurozone by far.
Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 32.9% in July, below July’s 2018’s 37.8%.
Author: Javier Colato, Economist