Greece: Unemployment rate drops again in August
October 13, 2021
The number of unemployed workers decreased by 1,035 in August compared to July, while the seasonally-adjusted unemployment rate dropped to 13.9% in August, compared to 14.0% in July. Moreover, the print was markedly below the 16.9% unemployment rate logged in August 2020. The reading marked a fresh multi-year low and was likely supported by the reviving tourism industry, which accounts for a sizeable share of the country’s employment.
Greece’s unemployment rate had been falling steadily, since peaking at around 28% in the summer of 2013, until the Covid-19 pandemic struck. Although the unemployment rate has started to decline, it is expected to rise above its current levels by year-end.
Lastly, meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—rose to 33.9% in August from 32.3% in July.
Author: Alexandros Petropoulos,