Greece Unemployment December 2020

Greece

Greece: Unemployment rate ticks down in December

March 17, 2021

The number of unemployed workers decreased by 24,332 in December 2020 compared to November, while the seasonally-adjusted unemployment dropped to 15.8% from November’s 16.2%. The print was also below December 2019’s result of 16.4%.

Greece’s unemployment rate had been falling steadily, since peaking at around 28% in the summer of 2013, until the Covid-19 pandemic struck. That said, although the unemployment rate has started to decline towards February 2020’s nine-year low, it is expected to remain elevated going forward as tightened restrictions will likely impact the labor market in the first few months of 2021.

Meanwhile, youth unemployment—categorized by individuals between the ages of 15–24—rose to 34.2% in December, following November’s downwardly revised 33.5% print (previously reported as 34.0%). 

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 17.7% in 2021, which is up 0.1 percentage points from the previous month’s projection. For 2022, the panel sees the unemployment rate averaging 16.0%.


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Greece Unemployment Chart


Greece Unemployment December 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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