Greece: Unemployment rate falls to near eight-year low in March
June 6, 2019
The number of unemployed workers declined by 14,766 in March compared to February while the seasonally-adjusted unemployment rate dipped to 18.1% from 18.4% in the previous month, according to data released by the Hellenic Statistical Authority (ELSTAT). March’s reading was the lowest since July 2011 and below that of the same month in 2018 (March 2018: 20.2%).
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 40.4% in March, below March’s 2018’s 41.7%.
Author: Javier Colato, Economist