Greece: Unemployment rate ticks down in February
May 7, 2020
The number of unemployed workers fell by 13,527 in February compared to January while the seasonally-adjusted unemployment rate inched down to 16.1% from the previous month’s revised 16.2% (previously reported: 16.4%), according to data released by the Hellenic Statistical Authority (ELSTAT). February’s reading was the lowest since March 2011 and below that of the same month in 2019 (February 2019: 18.4%).
Greece’s unemployment rate has fallen steadily in recent years, since peaking at around 28% in the summer of 2013. However, it remains the highest in the Eurozone by far and is set to rise in the coming months as the Covid-19 crisis takes its toll.
Meanwhile, youth unemployment—categorized by individuals between the ages of 15-24—came in at 35.6% in February, below February’s 2019’s 36.5%.
Author: Javier Colato, Economist