Greek Jobless Rate Drops to Lowest Since May 2012


Greek unemployment rate fell to 24.6 percent in August of 2015, following a downwardly revised 24.9 percent in the previous month. It was the lowest rate recorded in more than three years, as the number of unemployed declined while the number of employed rose slightly.

Compared to July 2015, unemployment declined by 1.3 percent to 1,180,001 persons while employment rose slightly by 0.3 percent to 3,614,192 persons. The number of inactive decreased by 0.1 percent to 3,286,686 persons. A year earlier, unemployment rate was recorded at 24.9 percent. The number of unemployed persons fell by 6.2 percent while employment rose by 1.9 percent. The number of inactive persons declined by 1.1 percent.

Unemployment affected mainly people aged 15 to 24 years in August of 2015 as 47.9 percent of young active population was unemployed. Meanwhile, the unemployment rate for males decreased by 2 p.p. to 21.5 percent from 23.5 percent in August 2014 and for females it was down by a slower 1.1 p.p. to 28.5 percent when compared to 29.6 percent last year.

Among regions, the highest unemployment rates were reported for Thessaly – Sterea Ellas (27.8 percent) and Epirus-Western Macedonia (26.6 percent), while Aegean recorded the lowest rate (18.3 percent).

Greece's economy expanded unexpectedly by 1.7 percent year-on-year and by 0.9 percent quarter-on-quarter in Q2, helped by consumer spending and net exports. However, it is expected to contract in the second half of the year.

ELSTAT | Joana Ferreira | joana.ferreira@tradingeconomics.com
11/12/2015 10:40:15 AM