Greece Unemployment September 2021

Greece

Greece: Unemployment rate falls to an 11-year low in September

November 17, 2021

The number of unemployed workers decreased by 45,571 in September compared to August, while the seasonally-adjusted unemployment rate dropped to 13.0% in September, compared to 13.9% in the previous month. Moreover, the print was markedly below the 16.5% unemployment rate logged in September 2020. The reading marked the lowest figure in over 11 years and was bolstered by the reviving tourism industry, which accounts for a sizeable share of the country’s employment.

Greece’s unemployment rate had been falling steadily, since peaking at around 28% in the summer of 2013, until the Covid-19 pandemic struck. Recently though, the unemployment restarted its downward trend in line with returning activity and our panelists now expect it to remain relatively low towards year-end.

Lastly, meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—rose to 28.0% in September from 33.9% in August, likely supporting the overall figure even further.

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 September 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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