Greece Unemployment August 2018


Greece: Unemployment rate falls in August

November 8, 2018

According to data released by the Hellenic Statistical Authority (ELSTAT), labor market conditions improved in August and the number of unemployed workers fell by 7,886 persons compared with July. In turn, the seasonally-adjusted unemployment rate dropped to 18.9% in August from a revised 19.1% in July (previously reported: 19.0%). Moreover, August’s unemployment rate was lower compared to the same month last year (August 2017: 20.8%). Greece’s unemployment rate has fallen notably in recent years, since peaking at around 28% in summer 2013.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—fell to 36.8% in August, notable below August 2017’s 40.4%. Nevertheless, youth unemployment remains by far the highest in the Eurozone.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 18.4% in 2019, which is unchanged from the previous month’s projection. For 2020, the panel sees the unemployment rate averaging 17.2%.


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Greece Unemployment Chart

Greece Unemployment August 2018

Note: Month-on-month variation of unemployed people in thousands and unemployment rate in %.
Source: Hellenic Statistical Authority (ELSTAT).

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