Greece: Unemployment rate edges down in February
The number of unemployed workers decreased by 188,706 in February compared to January, while the seasonally-adjusted unemployment rate dropped to 15.9% from January’s 16.1%. However, the print was above February 2020’s result of 15.7%.
Greece’s unemployment rate had been falling steadily, since peaking at around 28% in the summer of 2013, until the Covid-19 pandemic struck. That said, although the unemployment rate has started to decline towards February 2020’s nine-year low, it is expected to remain elevated going forward as Covid-19-associated restrictions will likely impact the labor market in the first few months of 2021.
Meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—declined to 37.4% in February from 43.4% in January.