Thursday October 30, 2014 Search
Weather | Athens
19o C
12o 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)  
European stocks tumble as banks decline after Enria’s comments
Germany’s bonds rise as consumer prices decline in six states
Peripheral banks lead European shares lower after positive start
Greek euro dilemma is back as minister predicts volatility
Tsipras to meet with BoG governor on Thursday
SYRIZA chief Alexis Tsipras was expected to meet with Bank of Greece Yannis Stournaras on Thursday. According to sources the meeting had been originally scheduled for Friday, but was nearly ...
Over 1,500 buildings and vehicles damaged in flash floods
Applications for compensation following heavy showers last Friday had reached 1,085 for homes and businesses and 422 for vehicles by Thursday, while 395 people had filed for emergency compen...
Inside News
BASKETBALL
Panathinaikos and PAOK retain perfect record
The third round of games in the Basket League over the weekend saw PAOK overcome the strong resistance of host KAOD at Drama, and Panathinaikos and Olympiakos inflict heavy losses on AEK and...
SOCCER
Gattuso recalls resignation from OFI bench
Gennaro Gattuso has recalled his resignation from the OFI Crete bench following pressure by the club’s fans and administration, one day after his quitting accusing the club and its players o...
Inside Sports
COMMENTARY
Time is running out in Afghanistan
Thirteen years after the attacks on the Twin Towers and NATO's entry into the war in Afghanistan, things remain pretty much unchanged: Political instability and insecurity  reign in the Cent...
COMMENTARY
Cool heads required
It’s time for Athens and Nicosia to deal with the current situation in Cyprus’s Exclusive Economic Zone (EEZ), which a Turkish seismic research vessel has breached against international law,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. European stocks tumble as banks decline after Enria’s comments
2. Tsipras to meet with BoG governor on Thursday
3. Germany’s bonds rise as consumer prices decline in six states
4. Over 1,500 buildings and vehicles damaged in flash floods
5. Clientelism belongs to the past, says Mitsotakis
6. Peripheral banks lead European shares lower after positive start
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Peripheral banks lead European shares lower after positive start
4. Clientelism belongs to the past, says Mitsotakis
5. Over 1,500 buildings and vehicles damaged in flash floods
6. Germany’s bonds rise as consumer prices decline in six states
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Austria’s creative bookkeeping beats Greece on secret debts
3. Cyprus to block Turkey's EU talks after EEZ violation
4. End of reason, end of humanity
5. Clean bill of health for Greek banks from stress tests
6. Samaras pledges action after flash floods in Athens
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.