Greece Unemployment February 2021

Greece

Greece: Unemployment rate edges down in February

May 28, 2021

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.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 16.9% in 2021, which is unchanged from the previous month’s projection. For 2022, the panel sees the unemployment rate averaging 15.6%.


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Greece Unemployment Chart


Greece Unemployment February 2021

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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