Economy on the rise with exports growth and drop in unemployment

Economy on the rise with exports growth and drop in unemployment

The Greek economy is steadily rising, which is reflected in both the real and the statistical figures. The last example is the large decline in unemployment by 2.6 percentage points for November 2018 and the record-high growth of Greek exports for the whole of last year, skyrocketing to 33.42 billion euro.

Employees increased by 138 500

The unemployment rate in the country was reduced to 18.5% last November, down by 2.6%  from 21.1% in November 2017 and from 18.7% in October 2018, while at the same time there was an increase in employment. The number of unemployed fell below 900,000, while especially to young persons dropped below 40%.

According to ELSTAT’s (Greek Statistical Authority) Labor Force Survey, the unemployed reached 875,195 last November and their number decreased by 120,587 compared to November 2017 (down 12.1%) and by 5,948 in relation to in October 2018 (down 0.7%).

The total number of employees is estimated at 3,865,670. Employees increased by 138,566 compared to November 2017 (up 3.7%) and by 30,010 compared to October 2018 (an increase of 0.8%).

Unemployment among women (23.7% in November 2018 from 25.9% in November 2017) remains significantly higher than that for men (14.3% from 17.2%).

With regard to age, the highest unemployment rate is recorded among the ages of 15-24 year (39.1% in November 2018 from 44.3% in November 2017) and 25-34 years (23.8% from 26.2%), followed by ages 35-44 (16.6% from 19.1%), 45- 54 years (15.1% from 16.9%), 55-64 years (13.7% from 17.1%) and 65-74 years (unchanged at 11.9%).

Regions

At the level of the decentralized administrations of the country, at the first three positions are Epirus-Western Macedonia (21.6% in November 2018 from 26.2% in November 2017), Macedonia-Thrace (19.5% from 21% Attica (18.8% from 21.4%), followed by the Aegean (18.7% from 21.6%), Peloponnese – Western Greece – Ionian Islands (18.3% from 21.8%), Thessaly – Central Greece (18.2% %) and Crete (14% from 18.4%).

Record for exports

A new historic record was recorded by Greek exports in 2018, confirming the dynamics that the industry has developed in recent years. In particular, according to official ELSTAT data, exports including oil products, rose by two-digit rates and broke the EUR 30 billion barrier to EUR 33.42 billion, an increase of 15.7% compared to 2017, and to 22.15 billion euros excluding oil, an increase of 10.7% compared to 2017./IBNA