Unemployment in Greece Rises 23.6% in Fourth Quarter

Greece’s jobless rate increased 23.6 percent in October-to-December from 22.6 percent in the third quarter, according to Hellenic Statistical Authority (ELSTAT) data released on Thursday.

The increase in unemployment rates is attributed to the fact that many people who work seasonally in the tourism industry lost their jobs after the holiday season. Nevertheless, 71.8 percent of Greece’s 1.12 million unemployed are out of work for at least 12 months.

The majority of unemployed Greeks in the fourth quarter are in the 15-24 age group (45.2 percent), compared to 48.6 percent in the same quarter a year ago. The highest unemployment rate was recorded in the first quarter of 2014, when joblessness reached 27.8 percent.

The Greek economy shrank at an annual 1.1 percent in the fourth quarter as a result of lower public consumption and a drop in net exports.