Thursday October 23, 2014 Search
Weather | Athens
22o C
16o 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)  
Athens weighs its LNG and CNG options
Greece ranks among global leaders in tourism growth
Global oil price drop sends local fuel prices back to 2010 levels
Buy big house, become a citizen
Cyprus seeks EU response over Turkey´s EEZ violation
Cyprus is to raise the issue of Turkey’s violation of its exclusive economic zone (EEZ) at Thursday’s European Council meeting after Turkish Prime Minister Ahmet Davutoglu raised the specter...
Thirteen indicted for inmate torture
Thirteen correctional officers and their former warden will stand trial in Serres, northern Greece, over the death of Albanian inmate Ilie Kareli on March 27 at Nigrita Prison. Kareli was tr...
Inside News
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Careful what you wish for
Everyone is in a rush to become prime minister in this country, as if they have not learned a single thing from its political history. While still in opposition, PASOK’s George Papandreou ma...
EDITORIAL
Taking care of our key industry
It’s time to face facts: Tourism is the country’s heavy industry. The sector’s considerable contribution has served as a stabilizing factor for the local economy, essentially placing the cou...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Roberto´s heroics make Kasami´s goal count
2. Athens weighs its LNG and CNG options
3. Greece ranks among global leaders in tourism growth
4. Global oil price drop sends local fuel prices back to 2010 levels
5. Buy big house, become a citizen
6. Cyprus seeks EU response over Turkey´s EEZ violation
more news
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Cyprus to block Turkey's EU talks after EEZ violation
3. EU’s Juncker wins Commission-team approval with investment vow
4. Juncker’s EU commission team set for parliamentary green light
5. Taprantzis resigns from privatization agency TAIPED
6. Fallen tree, smashup cause traffic jams in Athens
Today
This Week
1. Istanbul skyscraper casts shadow over Greece's banking ambitions
2. Coalition shooting itself in the foot
3. Greece’s closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. The past, present and future of the Greek debt crisis
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.