Greece: Unemployment rate soars higher in November
February 13, 2014
In November, the number of unemployed fell by 5,500 over the previous month according to the Hellenic Statistical Authority (EL.STAT.). The decrease followed the pervious month's drop of 1,100 in the number of unemployed.
Nevertheless, the unemployment rate inched up from 27.8% in October to a record high of 28.0% in November (November 2012: 26.2%). As a result, November's print was more than double the Eurozone's average unemployment rate of 12.1% in the same month.
FocusEconomics Consensus Forecast panelists expect unemployment to average 27.5% in 2014, which is unchanged from last month's forecast. For 2015, the panel expects the unemployment rate to average 27.7%.
Author: Dirina Mançellari, Senior Economist