Greece: Unemployment rate falls to near decade-low in March
June 11, 2020
The number of unemployed workers fell by 79,397 in March compared to February while the seasonally-adjusted unemployment rate fell to 14.4% from the previous month’s revised 15.9% (previously reported: 16.2%), according to data released by the Hellenic Statistical Authority (ELSTAT). March’s reading was the lowest since November 2010 and well below that of the same month in 2019 (March 2019: 18.1%).
Greece’s unemployment rate has fallen steadily in recent years, since peaking at around 28% in the summer of 2013. However, it remains among the highest in the Eurozone and is expected to increase in the coming months as the Covid-19 crisis takes its toll.
Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 32.4% in March, below March’s 2019’s 37.77%.
Author: Javier Colato, Economist