Greece Unemployment November 2021

Greece

Greece: Unemployment rate inches down in November

January 19, 2022

The number of unemployed workers increased by 3,551 in November compared to October, while the seasonally-adjusted unemployment rate edged down to 13.3% from 13.4% in October. The print remained low by historical standards and came in well-below the 16.1% unemployment rate tallied in November 2020.

Although the unemployment rate has been falling steadily since peaking at around 28% in the summer of 2013, the pandemic’s economic impact on the country’s hospitality sector and small and medium enterprises—the backbone of the country’s economy—will see the unemployment rate trend higher in 2022.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—rose to 34.3% in November from 32.1% in October.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 14.1% in 2022, which is down 0.5 percentage points from the previous month’s projection. For 2023, the panel sees the unemployment rate averaging 13.2%, which is down 0.4 percentage points from last month’s forecast.


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Greece Unemployment November 2021 0

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


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