Greece Unemployment May 2020

Greece

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%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 19.3% in 2020, which is down 1.5 percentage points from the previous month’s projection. For 2021, the panel sees the unemployment rate averaging 18.8%.


Author:, Economist

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Greece Unemployment Chart


Greece Unemployment May 20 20

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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