Latest News from Greece

Unemployment in Greece Drops to 25.8% in October

Unemployment in Greece showed a drop in October, reaching 25.8 percent as opposed to 26 percent in September 2014, according to ELSTAT figures released on Thursday.

The Hellenic Statistical Authority (ELSTAT) figures show faint signs that Greece may be emerging from a six-year recession. October’s 25.8 percent figure is the lowest since August 2012, when unemployment stood at 25.5 percent, the lowest since the start of the economic crisis.

In October 2013, unemployment stood at 27.8 percent, two percentage points up compared to this year.

The record high in unemployment numbers was set in September 2013, when unemployment hit the roof at 28 percent.

However, Greece’s figures remain very high compared to the euro zone’s average that stands at 11.5 percent in October.

The Greek economy is projected to have expanded by 0.6 percent last year, with recovery expected to gain traction this year to 2.9 percent.