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