Greece: Unemployment rate reaches lowest rate in over a year
May 9, 2014
In February, the number of unemployed fell by 8,000 over the previous month according to the Hellenic Statistical Authority (EL.STAT.). The decrease followed the pervious month's drop of 22,200 in the number of unemployed.
The unemployment rate inched down from 26.6% in January to 26.5% in February (February 2013: 26.7%), which marked the lowest rate in more than a year. Despite the drop, the print is still more than double the Eurozone's average unemployment rate of 11.8% in the same month.
FocusEconomics Consensus Forecast panelists expect unemployment to average 27.2% in 2014, which is down 0.3 percentage points from last month's forecast. For 2015, the panel expects the unemployment rate to average 25.9%.
Author: Dirina Mançellari, Senior Economist