Greece: Unemployment rate reaches record high
January 9, 2014
According to the Hellenic Statistical Authority (EL.STAT.), the number of unemployed fell by 1,100 over the previous month in October 2013. The decrease contrasted the 11,200 increase in the number of unemployed that was recorded in the previous month.
Nevertheless, the unemployment rate inched up from September's revised 27.7% (previously reported: 27.3%) to a record high of 27.8% in October in seasonally-adjusted terms (October 2012: 26.1%). October's print was more than double the Eurozone's average unemployment rate of 12.1% for the same month.
FocusEconomics Consensus Forecast panelists expect unemployment to average 27.5% in 2014, which is unchanged from last month's forecast. For 2015, the panel expects the unemployment rate to average 27.7%.
Author: Dirina Mançellari, Senior Economist