Greece Unemployment November 2020

Greece

Greece: Unemployment rate edges down in November

February 11, 2021

The number of unemployed workers decreased by 15,849 in November 2020 compared to October, while the seasonally-adjusted unemployment dropped to 16.2% from October’s downwardly revised 16.4% (previously reported: 16.7%). The print was also below November 2019’s result of 16.6%.

Greece’s unemployment rate had been falling steadily, since peaking at around 28% in the summer of 2013, until the Covid-19 hit. Although the unemployment rate has started to decline again 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—declined to 34.0% in November, from November 2019’s 35.4%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 17.6% in 2021, which is down 0.2 percentage points from the previous month’s projection. For 2022, the panel sees the unemployment rate averaging 16.0%.


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Greece Unemployment Chart


Greece Unemployment November 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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