Greek unemployment at 24.6 percent in September

12 December 2015
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Greece’s jobless rate inched down to 24.6 percent in September from an upwardly revised 24.7 percent in the previous month, statistics agency ELSTAT said on Thursday.

The reading in September, based on seasonally adjusted data, was the lowest since June 2012 when unemployment stood at 24.9 percent. The jobless rate hit a record high of 27.9 percent in September 2013.

Unemployment has come down from record highs as the economy stabilized last year after a severe slump, but remains more than double the euro zone’s average of 10.8 percent in September.

Greece’s economy contracted by 0.9 percent in the third quarter as capital controls to shore up banks weighed down on investment, exports and consumer spending.

The economy is expected to shrink by 0.7 percent in 2016.

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