Greece: Unemployment rate jumps in May on Covid-19 hit
August 6, 2020
The number of unemployed workers rose by 48,444 in May compared to April while the seasonally-adjusted unemployment rate jumped to 17.0% from the previous month’s 15.7%, according to data released by the Hellenic Statistical Authority (ELSTAT). May’s reading marked the second consecutive increase since January 2019 but was below that of the same month last year (May 2019: 17.2%).
Greece’s unemployment rate had been falling steadily in recent years, since peaking at around 28% in the summer of 2013. However, it is bound to increase going forward as the Covid-19 health crisis takes its toll.
Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 37.5% in May, well above May 2019’s 32.2%.
Author: Javier Colato, Economist