Greece: Unemployment rate falls to lowest point in nearly six and a half years
June 7, 2018
According to data recently released by the Hellenic Statistical Authority (EL.STAT), the number of unemployed persons decreased by 14,591 in March compared with February. Furthermore, the seasonally-adjusted unemployment rate dropped from a downwardly-revised 20.6% in February (previously reported: 20.8%) to 20.1% in March, the lowest rate since October 2011. The figure was also well below that of the same month last year (March 2017: 22.1%).
Unemployment among individuals between the ages of 15-24 also fell, but remain elevated at 43.2% in March. Despite the improvements in the labor market, unemployment in Greece remains the highest in the Eurozone.
Author: Lindsey Ice, Economist