Greece Unemployment October 2020

Greece

Greece: Unemployment rate remains steady in October

January 15, 2021

The number of unemployed workers increased by 287 in October 2020 compared to September, while the seasonally-adjusted unemployment rate came in at 16.7%, matching September´s upwardly revised reading (previously reported: 16.1%), as well as October 2019’s result of 16.7%.

Greece’s unemployment rate had been falling steadily in recent years, since peaking at around 28% in the summer of 2013. However, the unemployment rate is expected to remain elevated going forward as the pandemic and associated restrictions continue to weigh on the crucial tourism industry and small and medium enterprises—the backbone of the Greek economy.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 35.0% in October, above October 2019’s 34.4%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 17.8% in 2021, which is down 0.3 percentage points from the previous month’s projection. For 2022, the panel sees the unemployment rate averaging 16.5%.


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Greece Unemployment October 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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