BUSINESS

Greek unemployment rises to 23.4 pct in August

GEORGE GEORGIOPOULOS

TAGS: Economy

Greece's jobless rate rose to 23.4 percent in August from an upwardly revised 23.3 percent in the previous month, statistics agency ELSTAT said on Thursday.

The number of officially unemployed reached 1.126 million people. Hardest hit were young people aged 15 to 24 years, with their jobless rate dropping to 46.5 percent from 48.3 percent in the same month a year earlier.

The reading in August, based on seasonally adjusted data, was the lowest since March 2012 when unemployment stood at similar levels. The jobless rate hit a record high of 27.9 percent in September 2013.

Greece's unemployment rate has come down from record highs but remains more than double the eurozone's average of 10 percent in August.

The economy expanded by a modest 0.2 percent in April-to-June compared to the first quarter but is expected to remain in recession this year as the country feels the full brunt of austerity measures approved under its third bailout.

The government expects unemployment will drop to 22.4 percent next year, based on its draft 2017 budget which sees the economy expanding by 2.7 percent.

[Reuters]

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