Greece’s unemployment rate rose further to a new record of 28 percent in November from a downwardly revised 27.7 percent in the previous month, the country’s statistics agency ELSTAT (Hellenic Statistical Authority) said on Thursday.
The rate is more than double the average in the 28-member eurozone of 12.1 percent in November, emphasizing the impact of more than three years of austerity on the employment sector in Greece.
Youth unemployment remained exceptionally high, hitting 61.4 percent in November of last year, according to ELSTAT.
Economists expect things to get worse in the early part of this year as companies continue to restructure and fire workers.
“As expected, the labour market showed a lagging reaction to other positive signs in the economy. The increase in unemployment is also due to a loss of support from tourism which was seen in the previous months,” said economist Nikos Magginas at National Bank.