Greece: Unemployment rate drops again in September

According to data released by the Hellenic Statistical Authority (ELSTAT), labor market conditions improved again in September. The number of unemployed workers fell by 10,154 compared with August and the seasonally-adjusted unemployment rate dropped for a second consecutive month to 18.6% in September from August’s 18.9%. September’s unemployment rate was also below September 2017’s 20.8%.

Greece’s unemployment rate has fallen notably in recent years, since peaking at around 28% in the summer of 2013. However, it still remains the highest in the Eurozone by far.

Youth unemployment—categorized by individuals between the ages of 15-24—remains particularly high. In September, youth unemployment came in at 36.6%, below September 2017’s 40.5%.

Greece Unemployment Rate Forecast

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 18.4% in 2019, which is unchanged from the previous month’s projection. For 2020, the panel sees the unemployment rate averaging 17.2%.