Monday September 22, 2014 Search
Weather | Athens
31o C
22o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Unemployment reaches 27 pct

By Christina Kopsini

Hiring announcements may be on the rise, as data released by the Labor Ministry and a report from the Financial Studies Directorate of Alpha Bank are showing, but this progress is yet to be reflected in Greece’s unemployment rate, which in February continued to climb to record levels.

Hellenic Statistical Authority (ELSTAT) figures showed on Thursday that the jobless rate in Greece expanded to 27 percent in the year’s second month, from 26.7 percent the month before and 21.9 percent a year earlier. Worse, almost two in every three young people aged up to 24 years are jobless as the unemployment rate for that age group reached 64.2 percent in February.

According to ELSTAT, the total number of registered jobless came to 1,320,189, up 270,766 from a year earlier and almost 624,000 above February 2011. On Wednesday the Labor Ministry’s Ergani electronic database registering hirings and firings pointed to a surplus of almost 30,000 new hires in April.

Finance Minister Yannis Stournaras stated on Thursday that he expects unemployment to start to decline from next year.

The weekly report by Alpha Bank argues that “this increase in unemployment is to a great extent due to the fact that the non-competitive jobs from the 2002-09 period cannot possibly be sustained without borrowing from abroad. The new jobs created now are mostly based on the the increase in competitive domestic production and not the explosion of domestic demand through excessive borrowing from abroad.”

“Labor market reforms have contributed to the remarkable increase in hirings on an annual basis since July 2012, as in the period from that month up to April 2013, the announcements of new hires have grown to 689,100 from 591,200 in the same period a year earlier,” the bank’s report stated.

ekathimerini.com , Thursday May 9, 2013 (23:06)  
Greek firms´ efforts to lure investors eclipsed by ECB tests
Stocks post correction after Friday’s major gains
New 10-euro note goes into circulation on Tuesday
European bonds rise as China, G-20 warnings curb scope for yield
Prosecutors may be enlisted in civil service evaluation
Tensions between the government and SYRIZA on the thorny issue of an evaluation scheme for the civil service demanded by the troika intensified Monday with Administrative Reform Minister Kyr...
Three hurt as coast guard chase smuggling vessel in the Aegean [Update]
Three people were injured Monday after a Greek coast guard vessel chased suspected human traffickers between the Dodecanese islands of Pserimos and Kalymnos. On spotting the smuggling vessel...
Inside News
SOCCER
Reds beat Veria to claim league lead
Olympiakos thumped hitherto Super League leader Veria 3-0 on Saturday to go alone on top of the table for the first time after four rounds of games. Four days after putting three past Atleti...
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...
Inside Sports
COMMENTARY
Universities threatened by transfers
The problem arising from the abuse of the Greek university transfer system – whereby some students are allowed to move to an institution of their choice instead of the one they were admitted...
EDITORIAL
Capital changes
A sizable part of the middle of the Greek capital has been slated to receive a significant makeover with the implementation of an urban restructuring project which includes turning a key cit...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Prosecutors may be enlisted in civil service evaluation
2. Greek firms´ efforts to lure investors eclipsed by ECB tests
3. Three hurt as coast guard chase smuggling vessel in the Aegean [Update]
4. Greece responds to FYROM flag stunt on Mt Olympus
5. Stocks post correction after Friday’s major gains
6. Jailed GD MP shown teaching kids how to give the Nazi salute [Video]
more news
Today
This Week
1. Alexander the Great's tomb not at Amphipolis, says Culture Minister
2. Euro touches 14-month low before Draghi testimony
3. Venizelos denies jihadis are being trained in Greece
4. Draghi effect subsiding leaves pressure building on ECB chief
5. Civil servants' union calls new strike over evaluation
6. Investors snap up euro zone banks, exporters in ECB bet
Today
This Week
1. Greece at bottom of social justice scale among EU28
2. ‘Greece can meet its needs on its own’
3. Central Athens traffic restrictions back in force on Monday
4. Lost in the fog
5. Record sum of new debts to the state in August
6. Democracy under Pressure | Live Streaming
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.