Unemployment in Greece
Greece - Unemployment
Unemployment rate ticks down in February
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%.
FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 20.6% in 2020, which is up 1.3 percentage points from the previous month’s projection. For 2021, the panel sees the unemployment rate averaging 19.6%.
Greece - Unemployment Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Unemployment Rate | 26.5 | 25.0 | 23.5 | 21.5 | 19.3 |
Greece Unemployment Chart
Source: National Statistical Service.
Greece Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.91 | 0.76 % | Jan 01 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Greece: Industrial output rebounds in March
May 11, 2020
Industrial output increased 0.6% year-on-year in working-day adjusted terms in March (February: -3.2% year-on-year), breaking a streak of five consecutive months of contraction.
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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).
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Greece: Manufacturing PMI plummets to record low in April amid Covid-19 hit
May 4, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) plummeted from 42.5 in March to 29.5 in April, marking the lowest reading since data collection began in May 1999.
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Greece: Industrial output contracts for fifth consecutive month in February before coronavirus impact
April 9, 2020
Industrial production dropped 3.4% year-on-year in working-day adjusted terms in February, following January’s revised 1.0% slip (previously reported: -1.2% year-on-year) and marking the fifth consecutive month of decline.
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Greece: Unemployment rate holds steady at 2020 outset
April 9, 2020
The number of unemployed workers fell by only 448 in January compared to December 2019 while the seasonally-adjusted unemployment rate held steady at the previous month’s revised 16.4% (previously reported: 16.5%), according to data released by the Hellenic Statistical Authority (ELSTAT).
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