Greece: Unemployment rate inches down in November

According to data released by the Hellenic Statistical Authority (ELSTAT), the number of unemployed workers fell by 5,948 in November compared with October while the seasonally-adjusted unemployment rate ticked down to 18.5% from 18.7% in the previous month. Moreover, November’s unemployment rate was below that of the same month last year (November 2017: 21.1%).

Greece’s unemployment rate has fallen notably 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 39.1% in November, below November 2017’s 44.3%.

Greece Unemployment Rate Forecast

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 18.0% in 2019, which is down 0.1 percentage points from the previous month’s projection. For 2020, the panel sees the unemployment rate averaging 16.7%.