Friday November 28, 2014 Search
Weather | Athens
16o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek unemployment eases in February for fifth straight month [Update]

Greece's jobless rate improved in February to its lowest rate in more than a year, data showed on Thursday, in another sign the Greek economy is emerging from a crippling six-year slump.

Unemployment dropped for a fifth consecutive month, to 26.5 percent from a downwardly revised 26.6 percent the month before, the Greek statistics service ELSTAT said. The jobless rate had reached a record 27.7 percent last September.

Joblessness is a major worry for Greece's coalition government, which is keen to show there is light at the end of the tunnel after years of harsh austerity and before European parliamentary elections later in May.

"The reading confirms the stabilising trend in unemployment and that the peak that was seen in the third quarter of 2013 is most likely behind us, said Nikos Magginas, an economist at National Bank.

He said unemployment is starting to follow other leading economic indicators, such as manufacturing activity and economic sentiment, which are showing improvement.

Greece's unemployment rate is still more than twice the euro zone's average, which reached 11.8 percent in February. It has more than tripled since 2008, the start of a six-year slump that wiped out about a quarter of the country's national output.

Athens and its international lenders expect the economy to pull out of recession and expand by 0.6 percent this year.

Hardest-hit from joblessness are those aged 15 to 24. Their jobless rate, excluding students and military conscripts, registered 56.9 percent in February, compared with 23 percent when the crisis started.

Despite the improvement, with 1.3 million people officially out of work, a turnaround will take time even if recovery sets in this year.

When Greece's economy grew at rates of 3 to 5 percent, it created about 50,000 jobs annually on average, meaning it will take many years to absorb the one million unemployed people the debt crisis created. [Reuters]

ekathimerini.com , Thursday May 8, 2014 (14:22)  
Q3 growth was bigger than thought
Who will pay for the states ADMIE stake?
Christmas budgets slashed due to higher taxes, healthcare costs
Finance Ministry inundated with applications for debt settlement
Council of State urged to rule on student transfers
The Council of State is being called on to solve a potential problem caused by the governments decision to relax restriction on student transfers between universities. A total of 115 academ...
Former ND deputy denies involvement in will-forging gang
A former New Democracy MP who is alleged to have been part of a gang that forged rich peoples wills to obtain their assets after their deaths on Friday denied any involvement in the gang. A...
Inside News
SOCCER
PAOK is one win from Europa Leagues last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
BASKETBALL
First defeat for Olympiakos in Euroleague
Olympiakos suffered its first Euroleague loss of the season going down 89-70 at Laboral Kutxa on Thursday, although the Greek team remains the favorite to clinch the top spot in its pool. Th...
Inside Sports
COMMENTARY
Change of US president wont mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Council of State urged to rule on student transfers
2. Former ND deputy denies involvement in will-forging gang
3. Lakis Gavalas arrested for seventh time over tax evasion
4. Two arrested over illegal vodka distilleries in Thessaloniki
5. Q3 growth was bigger than thought
6. Who will pay for the states ADMIE stake?
more news
Today
This Week
1. Change of US president won't mean change of foreign policy
2. Greek economy expands 0.7 pct q/q in Q3
3. Child molester suspect photo released by police
4. Armed man arrested on Thessaloniki campus
5. Lebanese FM: Cyprus may be jihadi transit point
6. Athens water supply 9-month profit falls 45 pct on lower charges
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Coscos Greek unit adds multinational rail-freight client
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.