The debt crisis and the austerity-induced recession is reported to have wiped out around a quarter of Greece’s economic revenues and has caused the country’s employment sector to rank highest in the EU for unemployment, Reuter says.
The latest figures released Thursday by the Greek statistic service, ELSTAT, show that some 1.1 million people in Greece have been jobless for an extended period of time, meaning that 73.8 percent of the workforce in Greece is struggling with long-term unemployment, or not having a job for 12 months or more.
The unemployment rate did manage to dip just slightly in the third quarter (Q3) of the year to 22.6 percent, compared to the second quarter (Q2) which came in at 23.1 percent.
However, Greece still has a long way to go as the youth of the country aged 15-24 is facing unemployment rates as high as 44.2 percent for Q3 2016, down slightly from last year’s Q3 data which was at 48.8 percent.
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