Greece: Unemployment rate falls to eight-year low in May
August 8, 2019
The number of unemployed workers declined by 6,183 in May compared to April while the seasonally-adjusted unemployment rate dipped to 17.2% from 17.4% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT). May’s reading was the lowest since May 2011 and below that of the same month in 2018 (May 2018: 19.4%).
Greece’s unemployment rate has fallen steadily in recent years, since peaking at around 28% in the summer of 2013. However, it remains the highest in the Eurozone by far.
Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 33.8% in May, below March’s 2018’s 38.9%.
Author: Javier Colato, Economist