Greece Remains Champion of Unemployment in the Eurozone

Although Greece’s unemployment rate dropped slightly in February, the country is still the champion for unemployment in the Eurozone.

According to the latest statistics released by ELSTAT, Greece’s statistic agency, in February the unemployment in the country dropped from 23.3 percent in January to 23.2 percent in February, meaning that the official number of unemployed Greeks is 1.1 million people.

Of the different age categories impacted by unemployment, Greece’s youth are those who are struggling most with finding work as unemployment of people aged 15-24 stands at an astounding 47.9 percent — not much of an improvement from year-on-year numbers in 2016 which showed 50.6 percent of the country’s youth unemployed.

The slight decline in unemployment was expected by government officials who have said that they expect the unemployment rate to drop to 22.6 percent in 2017 due to the new budget Greece has put forth, which details a 2.7 percent expansion of the Greek economy. However, Reuters reported on Thursday that the European Commission does not see the economy expanding in such numbers, saying that they have cut back the estimated growth forecast to 2.1 percent from 2.7 percent for 2017.