Eurostat: Marginal Drop in Greek Unemployment

GREECE-UNEMPLOYMENTThe latest data released by Eurostat, the European Statistical Authority, revealed a marginal drop in unemployment in Greece.

Unemployment in Greece in June was 27%, down from 27.1% in May. Greece still continues to have the highest rate of unemployment in Europe. Austria (4.7%) and Germany (4.9%) have the lowest.

In pure numbers, Eurostat’s data shows that the number of unemployed Greeks remains staggeringly high: 1.3 million in June. Unemployment affects 23.8% of men, 31.1% of women and 51.5% of people under the age of 25.

In August, the average rate of unemployment in the Eurozone stood at 11.5%. Amongst EU members, that rate dropped to 10.1% from 10.2%. Eurostat does not currently have data on unemployment in Greece for July and August.

August saw 24.6 million unemployed workers in the EU and 18.3 million in the Eurozone. Compared to July, there were 134,000 fewer unemployed in the EU and 137,000 fewer unemployed in the Eurozone.

Unemployment, one of the major problems generated by the financial crisis, continues to be a visible sign of the recession, even as the Greek economy itself begins to slowly rebound.