Greek Jobless Rate Down to 24.6% in September


Greek unemployment rate decreased slightly to 24.6 percent in September of 2015 from an upwardly revised 24.7 percent in the previous month. It was the lowest jobless rate since May of 2012, as the number of unemployed declined while the number of employed rose slightly.

Compared to August 2015, unemployment went down by only 0.2 percent to 1,184,353 persons while employment rose slightly by 0.2 percent to 3,626,696 persons. The number of inactive decreased by 0.2 percent to 3,266,304 persons. A year earlier, unemployment rate was recorded at 26.1 percent. The number of unemployed persons fell by 5.5 percent while employment rose by 2.1 percent. The number of inactive persons declined by 1.6 percent.

Unemployment continued to affect mainly people aged 15 to 24 years as 49.5 percent of young active population was unemployed. Meanwhile, the unemployment rate for males decreased by 2 p.p. to 21.2 percent from 23.2 percent in September 2014 and for females it was down by a slower 0.9 p.p. to 28.9 percent when compared to 29.8 percent last year.

Among regions, the highest unemployment rates were reported for Thessaly – Sterea Ellas (27.9 percent) and Epirus-Western Macedonia (27.6 percent), while Aegean recorded the lowest rate (16.1 percent).

Greece's economy contracted by 0.9 percent year-on-year, following five quarter 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
12/10/2015 10:22:03 AM