Greece Unemployment March 2020


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%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 21.0% in 2020, which is up 0.4 percentage points from the previous month’s projection. For 2021, the panel sees the unemployment rate averaging 19.4%.

Author:, Economist

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Greece Unemployment Chart

Greece Unemployment March 20 20

Note: Month-on-month variation of unemployed people in thousands and unemployment rate in %.
Source: Hellenic Statistical Authority (ELSTAT).

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