Greece: Unemployment rate inches up in January

According to data released by the Hellenic Statistical Authority (ELSTAT), the number of unemployed workers rose by 3,990 in January compared to December while the seasonally-adjusted unemployment rate ticked up to 18.5% from 18.4% in the previous month. That said, January’s unemployment rate was below that of the same month in 2018 (January 2018: 20.6%).

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 39.7% in January, below January’s 2018’s 41.9%.

Greece Unemployment Rate Forecast

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 17.9% this year, which is down 0.1 percentage points from the previous month’s projection. For 2020, the panel sees the unemployment rate averaging 16.6%.