Mario Draghi: Greek workforce underutilised by 31.3%

6 July 2017
2166 Views
1 Comments

Responding to a question submitted by MEP Nikos Chountis in the European Parliament, the President of the European Central bank (ECB), Mario Draghi painted a bleak picture of the Greek job market.

According to Mr. Draghi, the real underutilisation of the Greek workforce had reached 31.3% in the 4th quarter of 2016. The figure reveals that the real impact on employment was nearly 8 percentage points worse than the official unemployment rate given by the Greek Statistical Services (ELSTAT) over the same period which amounted to 23.4%.

The central banker explained in his written reply that the discrepancy occurred because the ECB factors in 3 additional elements in its evaluation. The first one is those who were registered as part-time workers but wanted full time work, those who desired to work, but had stopped actively seeking work because they felt disillusioned, and the “silent” jobless who were looking for work but were not registered because they were not immediately available to assume job duties within the statistically accepted two-week period.

A comparative piece of data that is indicative of the impact the economic crisis has had on the Greek job market is in 2006 the under-utilisation of the workforce stood at 12.9%.

You may be interested

Greece: 7,000 applications for adult movies
GREECE
shares30 views
GREECE
shares30 views

Greece: 7,000 applications for adult movies

Panos - Jun 23, 2021

After the first casting of the newly formed production company SugarBabes.tv in September 2019 and the endless queues of about…

Menendez Bill passed unanimously & goes to Senate for approval
DEFENCE
shares20 views
DEFENCE
shares20 views

Menendez Bill passed unanimously & goes to Senate for approval

Panos - Jun 23, 2021

The new bill on US-Greek defense cooperation was approved by the Senate Foreign Relations Committee with universal support. Now the…

Signatures for Line 4 of the Metro – Mitsotakis: The country is turning the page (videos)
FINANCE
shares22 views
FINANCE
shares22 views

Signatures for Line 4 of the Metro – Mitsotakis: The country is turning the page (videos)

Panos - Jun 23, 2021

The signatures for the biggest construction project that is taking place after Attiki Odos, fell tonight in Galatsi, where in…

One Response

Leave a Reply to nick Cancel reply

Your email address will not be published.