Unemployment in Greece hit a 10-year high in the second quarter, according to data released by the Hellenic Statistical Authority (ELSTAT) yesterday that noted an increase to 11.8 percent compared to 8.9 percent a year earlier. That’s the highest rate since 2000, when unemployment was 12.3 percent. In the first quarter of this year, Greece’s jobless rate stood at 11.7 percent.
Greece is mired in a growing recession and rising borrowing costs as the government labors to slash a deficit over four times the allowed EU level and reduce a debt of nearly 300 billion euros. The economy is expected to contract by 4 percent of output this year.
The country’s 15-29 age bracket remains the worst affected, with 22.8 percent in that group out of work, compared to 17.7 percent last year. There were 594,032 people looking for employment in the second quarter.
Unemployment among women rose from 12.5 percent last year to 15.3 percent, compared to 6.3 and 9.4 percent among men.
Analysts said they see the jobless rate continuing to rise in the coming quarters due to plunging demand levels and concerns about future economic performance weighing on company hiring decisions.
News source: Kathimerini link: article
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