Sunday October 26, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek industrial slump persists, jobless rate at record high [Update]

Greece's industrial slump deepened and unemployment ticked up to a record high, data showed on Thursday, highlighting the ravages of a six-year recession even as the debt-laden economy shows tentative signs of an economic recovery elsewhere.

The jobless rate rose slightly to a record 27.8 percent in October from 27.7 percent in the previous month while industrial output contracted in November for a fifth consecutive month, by 6.1 percent.

With more than one in four of the workforce unemployed, joblessness is a major headache for Greece's government as it scrambles to hit fiscal targets and carry out structural reforms demanded by its EU/IMF lenders.

Austerity measures to correct Greece's economic imbalances have come at a high cost. About 1.39 million people were out of work in October compared with just 385,000 when the country's recession started six years ago.

Those aged 15 to 24 remain the hardest-hit with their jobless rate at 58 percent, up from 23 percent when the crisis started. This figure, however, excludes students and military conscripts who are not in the labor force and account for about a third of people in that age group.

Greek industrial production has been shrinking since 2008, dropping by about 30 percent from its peak.

The figure remains volatile and other recent data has pointed to a small recovery around the corner after a six-year recession that wiped out almost a quarter of the economy.

The PMI Manufacturing index rose in December to its highest level in more than four years, to 49.6, just shy of a 50-point mark that divides growth from contraction.

Greece's economy is expected to grow by 0.6 percent this year, boosted by a sharp rebound in tourism and rise in investment and exports as fears of a Greek eurozone exit fade. [Reuters]

ekathimerini.com , Thursday Jan 9, 2014 (14:20)  
Nicosia says reforms are bringing results
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Samaras pledges action after flash floods in Athens
Authorities began on Saturday assessing the damage done by flash floods in various parts of Athens a day earlier, with Prime Minister Antonis Samaras pledging that all those affected would b...
No court hearings for civil cases
Greek courts are to stop conducting hearings, which include witness questioning, for civil cases, according to plans drawn up by the Justice Ministry. Kathimerini understands that in a bid t...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greeces lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greeces lenders seem adamant that govt must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Banks need to step up
3. Samaras pledges action after flash floods in Athens
4. Greeces lenders seem adamant that govt must act on bailout commitments
5. Nicosia says reforms are bringing results
6. No court hearings for civil cases
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greeces closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.