Friday September 19, 2014 Search
Weather | Athens
27o C
19o 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)  
Local lenders draw 5 bln for loans to SMEs
Tourism drives jobless rate down
Hardouvelis asks for some room to breathe
Athens could miss out on last bailout installment
Police, protesters clash during rally to mark Fyssas killing
Greek police fired teargas at protesters who hurled petrol bombs and stones in Athens on Thursday during a rally marking one year since the killing of an anti-fascism rapper by a far-right G...
Prescription limit to rein in EOPYY spending
In a bid to rein in its expenses, the countrys largest healthcare provider, EOPYY, is to announce a limit in the coming days on the number and type of diagnostic tests that doctors affiliat...
Inside News
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
SOCCER
Financial crisis forces Greek second division postponement
Greece's second soccer division Football League announced on Wednesday the postponement of the start of the season due to financial difficulties being faced by most clubs. "The board of dire...
Inside Sports
COMMENTARY
High stakes after the Scottish vote
We will soon know whether the Scots voted for their countrys independence or whether they will remain citizens of the United Kingdom of Great Britain and Northern Ireland. What was alread...
COMMENTARY
Greek societys and lenders fatigue
The issue of early elections continues to dog the coalition government despite all the official denials. That the administration is losing its cool is obvious. The political discourse has no...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Triumph for PAOK, historic result for Asteras in Europa League
2. Local lenders draw 5 bln for loans to SMEs
3. Tourism drives jobless rate down
4. Hardouvelis asks for some room to breathe
5. Athens could miss out on last bailout installment
6. Police, protesters clash during rally to mark Fyssas killing
more news
Today
This Week
1. SYRIZA ahead of ND, new opinion poll shows
2. Extradited Greek couple to face magistrate in Athens
3. National Bank of Greece said to pick advisers for Turkish sale
4. Man's charred remains retrieved from vehicle following accident
5. Unemployment at 26.6 percent in second quarter of 2014
6. Bank of Cyprus sells UK loan portfolio
Today
This Week
1. Greece on standby
2. Greece at bottom of social justice scale among EU28
3. Central Athens traffic restrictions back in force on Monday
4. Lost in the fog
5. Democracy under Pressure | Live Streaming
6. SYRIZA spokesman suggests gov't sought to stop NERIT airing Tsipras speech live
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.