Greece Unemployment August 2020


Greece: Unemployment rate drops for third month running in August

November 5, 2020

The number of unemployed workers decreased by 13,914 in August compared to July while the seasonally-adjusted unemployment rate dropped to 16.8% from the previous month’s revised 17.0% (previously reported: 16.8%), according to data released by the Hellenic Statistical Authority. August’s unemployment rate marked the lowest reading in four months and was also marginally below August 2019’s 16.9%.

Greece’s unemployment rate had been falling steadily in recent years, since peaking at around 28% in the summer of 2013. Although the unemployment rate declined in August, it is expected to remain elevated going forward as the economy continues to feel the impact of the pandemic and associated restrictions.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 39.3% in August, notably above August 2019’s 34.5%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 18.2% in 2021, which is up 0.1 percentage points from the previous month’s projection. For 2022, the panel sees the unemployment rate averaging 16.3%.


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Greece Unemployment Chart

Greece Unemployment August 20 20 0

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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