Greece: Unemployment rate ticks down in December

The number of unemployed people dropped by 6,978 in December from the previous month and by 127,352 compared with December 2016, according to recent data released by the Hellenic Statistical Authority (EL.STAT).

The unemployment rate ticked down marginally in December, coming in at 20.8%, from November’s revised 21.0% (previously reported: 20.9%). While the unemployment rate has moderated notably from its peak in recent years (2013: 27.4%) and has declined considerably compared to the same period last year (December 2016: 23.4%), it remains extremely high and well above the EU average. Furthermore, youth unemployment remains particularly high, as 45.0% of Greeks between the age of 15 and 24 are unemployed.

Greece Unemployment Rate Forecast

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 20.0% in 2018. For 2019, the panel expects the unemployment rate to average 18.7%.