Greek Jobless Rate Edges Down to 24.5% in October


Greek unemployment rate decreased slightly to 24.5 percent in October of 2015 from 24.6 percent in the previous month. It remained at its lowest level since May of 2012, as the number of unemployed persons declined by 0.7 percent while the number of employed persons rose slightly by 0.1 percent.

Compared to September 2015, the number of unemployed decreased by 0.7 percent to 1,175,903 persons while the number of employed rose slightly by 0.1 percent to 3,630,449 persons. The number of inactive decreased by 0.2 percent to 3,267,487 persons. A year earlier, the unemployment rate was recorded at 26 percent. The number of unemployed persons fell by 5.7 percent while employment rose by 2.4 percent. The number of inactive persons declined by 1.8 percent.

Unemployment continued to affect mainly people aged 15 to 24 years as 48.6 percent of young active population was unemployed. Meanwhile, the unemployment rate for males decreased by 2.2 percentage points to 21 percent from 23.2 percent in October 2014 and for females it was down by a slower 0.9 percentage points to 28.7 percent when compared to 29.6 percent last year.

Among regions, the highest unemployment rates were reported for Epirus-Western Macedonia (27.4 percent) and Thessaly – Sterea Ellas (27.3 percent), while Aegean recorded the lowest rate (14.7 percent).

Greece's economy contracted by 0.9 percent year-on-year, following five quarters of growth, and by 0.9 percent quarter-on-quarter in Q3, as investment and total consumption slumped. It is expected to continue to shrink in the fourth quarter of the year.

ELSTAT | Joana Ferreira | joana.ferreira@tradingeconomics.com
1/7/2016 10:37:20 AM