BUSINESS

Greek unemployment unchanged in November, still eurozone's highest

TAGS: Economy

Greece’s jobless rate came in at 23 percent in November, unchanged from the previous month, statistics agency ELSTAT said on Thursday.

The number of officially unemployed reached 1.1 million people. Hardest hit were young people aged 15 to 24 years, with their jobless rate dropping to 45.7 percent from 48.9 percent in the same month a year earlier.

The reading in November, 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 jobless rate has come down from record highs but remains more than double the eurozone’s average of 9.8 percent in November.

The economy expanded by 0.8 percent in July-to-September compared to the second quarter, with Athens projecting a stronger recovery this year after a protracted recession.

The government expects unemployment to drop to 22.6 percent this year based on its 2017, budget which sees the economy expanding by 2.7 percent.

[Reuters]

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