Greece: August unemployment steady at July's rate
November 14, 2013
According to the Hellenic Statistical Authority (EL.STAT.), the number of unemployed increased by 6,000 over the previous month in August. The rise contrasted the 8,600 drop recorded in July.
August's unemployment rate remained at July's 27.3% in seasonally-adjusted terms (August 2012: 25.4%). According to EL.STAT., "during the last three months we observe a stabilization of the estimated seasonally-adjusted unemployment rate." However, the statistical institute added that additional "observations" are needed, "in order to confirm a significant change in the trend of employment and unemployment." Despite signs of stabilization, Greece's unemployment rate is more than double the Euro zone's average rate of 12.2% .
FocusEconomics Consensus Forecast panelists expect unemployment to average 27.5% this year, which is unchanged from last month's forecast. For 2014, the panel expects the unemployment rate to average 27.7%, which is also unchanged from last month's estimate.
Author: Dirina Mançellari, Senior Economist