Greek unemployment below 20% after 7 years

Greek unemployment below 20% after 7 years

The decline in unemployment continued in May 2018, which is a further factor that contributed to the rise of the Greek economy, which is taking place. Although it remains at a high of 19.5%, as the Greek Statistical Authority (ELSTAT) recorded for May, however, its decline under the 20% “psychological” limit of 7 years shows the improvement in the economy. However, the estimate of the government’s financial staff, which is included in the Medium-term Financial Strategy Framework, refers to an overall unemployment rate of 19.8%.

Hence, according to ELSTAT, the total number of employees is estimated at 3,824,393, the unemployed at 924,941 and the non-economically active population – i.e. those who neither work nor seek employment – at 3,230.269 people.

The number of employees increased by 70,052 compared to May 2017 (+ 1.9%) and by 48,884 persons compared to April 2018 (+ 1.3%), while the unemployed decreased by 113,718 persons annually ( -10.9%) and by 18.029 persons on a monthly basis (-1.9%). Non-economically active persons increased by 7,263 persons year-on-year (+ 0.2%), while on a monthly basis they decreased by 34.293 (-1.1%).

Great reduction in unemployment among young people

Based on age data, the unemployment rate among the young people aged 15-24 stood at 39.7%, from 51.6% in May 2014, while 16.3% of the considered as “creative” career age wise, they are unemployed. Geographically speaking, the highest unemployment rate is recorded in the region of Epirus – Western Macedonia (24%)…. / IBNA