Greek Unemployment Rate Down to 20.7% in October
Greece’s jobless rate eased to 20.7% in October from an upwardly revised 20.8% in September, the country’s statistics service ELSTAT announced on Thursday.
Seasonally adjusted data showed the number of registered unemployed at 990,288 people, with younger persons aged up to 24 bearing the brunt of being out of work.
Among younger people aged 15 to 24, the jobless rate eased to 40.8% from 44.4% a year ago.
According to analysts, the continuous drop in unemployment in recent months is a good sign, but not a substantially positive one for the overall state of Greek economy, since average wages have been steadily dropping within the year.
The reason for this seeming contradiction is that although more jobs have opened up, most of them have been past-time ones, with wages slightly over, and sometimes under the minimum wage.
Greece’s jobless rate, which hit a record high of 27.9% in September 2013, has been coming down in recent months, but it still remains the highest in the eurozone.
Greece expects the unemployment rate to fall to 18.4% this year, based on projections in its 2018 budget draft.
Unemployment in the 19 countries sharing the euro stood at 8.8% in October, the lowest rate since January 2009, powered mostly by the growth recorded in Germany, which was stronger than expected.
You may be interested
New mass arrests in the Turkish Air Force!makis - Sep 24, 2018
Fifty months after the attempted coup against Recep Tayyip Erdogan, which, according to the Turkish government, was a work of…
Dimitrov to FAZ: Prespa agreement to go to Parliament even if referendum rejects it!makis - Sep 24, 2018
The Foreign Minister of FYROM Nicola Dimitrov hinted that the Prespa agreement can be rescued even if not ratified in…