Official data released on Thursday shows that unemployment in Greece reached 27.5 % in the fourth quarter of 2013, remaining the highest in the euro zone.
Greece, with a population of about 10 million people, has 1.36 million unemployed. Since the outbreak of the financial crisis in 2008 the number of unemployed Greeks has tripled. About 72 % of the unemployed have been without work for more than a year and so do not qualify for unemployment benefit, which has been reduced to 360 euros a month. The long-term unemployed account for 43 % of the total. Young people are the most severely affected, with 57 % of those aged 15-24 being unemployed.
However, Eurobank economist Platon Monokroussos appears optimistic, as he expects unemployment to decline in the second half of 2014. “As expected, the quarterly data revealed a new high in the unemployment rate. On a more positive note, the improvement in a range of real activity indicators suggest unemployment is near its cyclical peak,” he stated.
Unemployment is one of the major problems facing the Greek government, which expects recovery after a six-year recession. Greece’s economic sentiment index in February reached its highest level in more than five years. Moreover, retail sales in November increased for the first time since April 2010. The Greek government and its international creditors expect the economy to grow by 0.6 % in 2014.
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