Greece Unemployment October 2021

Greece

Greece: Unemployment rate edges up in October

December 15, 2021

The number of unemployed workers decreased by 5,994 in October, compared to September, while the seasonally-adjusted unemployment rate edged up to 13.3% from 13.0% in September. However, the print remained low by historical standards and came in well-below the 16.4% unemployment rate tallied in October 2020.

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, the unemployment rate is expected to trend upwards in the remainder of the year, amid more downbeat tourism activity, partly due to the emergence of the Omicron Covid-19 variant and tighter travel restrictions.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—rose to 32.1% in October from 28.0% in September.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 14.6% in 2022, which is down 0.2 percentage points from the previous month’s projection. For 2023, the panel sees the unemployment rate averaging 13.6%, which is down 0.3 percentage points from last month’s forecast.


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Greece Unemployment Chart


Greece Unemployment October 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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