Greece Unemployment July 2020

Greece

Greece: Unemployment rate drops to its lowest in three months in July

October 8, 2020

The number of unemployed workers decreased by 69,395 in July compared to June while the seasonally-adjusted unemployment rate dropped to 16.8% from the previous month’s revised 18.0% (previously reported: 18.3%), according to data released by the Hellenic Statistical Authority. July’s unemployment rate marked the lowest reading since April and was likely driven by the easing of Covid-19 travel restrictions in mid-June, which allowed the resumption of tourism activity. In addition, it was below that of July 2019’s 17.1%.

Greece’s unemployment rate had been falling steadily in recent years, since peaking at around 28% in the summer of 2013. Despite the drop recorded in July, it is bound to remain elevated going forward as the pandemic continues to its toll.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 37.8% in July, well above July 2019’s 34.0%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 18.7% in 2020, which is down 0.4 percentage points from the previous month’s projection. For 2021, the panel sees the unemployment rate averaging 18.1%.


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Greece Unemployment Chart


Greece Unemployment July 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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