Wednesday Jul 30, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek joblessness at record level, reaching 'cyclical peak,' according to economist

By George Georgiopoulos

Greece's jobless rate rose to a record 27.5 percent in the last quarter of 2013 even as the pace of economic contraction eased, remaining the highest in the eurozone, data showed on Thursday.

Unemployment is a major headache for Greece's coalition government, which expects recovery this year after a six-year slump and is keen to show there is light at the end of the tunnel before local and European parliament elections in May.

The fourth-quarter reading brought Greece's annual average unemployment rate to 27.3 percent in 2013, up from 24.2 percent in the previous year.

The number of Greeks without a job has more than tripled since 2008, the start of a protracted recession that wiped out about a quarter of Greece's gross domestic product.

About 72 percent of those without work have been unemployed for more than a year and so do not qualify for unemployment benefits which have been reduced to 360 euros a month.

Those classed as long-term unemployed stood at about 43 percent of the total when the debt crisis began in late 2009.

"As expected, the quarterly data revealed a new high in the unemployment rate. On a more positive note, the improvement in a range of real activity indicators suggest unemployment is near its cyclical peak," said Eurobank economist Platon Monokroussos.

He expects unemployment to ease in the second half of 2014.

Data showed that young Greeks aged 15-24, excluding students and military conscripts, remained the hardest hit group, with 57 percent without work.

Other data recently have pointed to green shoots in the economy. Greece's economic sentiment index hit its highest level in more than five years in February, while retail sales rose in November for the first time since April 2010.

The government and its international lenders expect the economy to grow by 0.6 percent this year. [Reuters]

ekathimerini.com , Thursday March 13, 2014 (13:28)  
Deals reached for twin plot on Afandou, for 42 million
More delays and red tape for companies tax rebates
Greek shipowners continue to invest in fleet renewal
Trainose sale is not on track
Troika review in Athens unaffected by Paris meeting
A meeting between troika and Greek government officials in Paris at the beginning of September does not mean that representatives of Greeces lenders will not then travel to Athens to carry ...
Soldiers set to sue over wages
Members of the armed forces and emergency services look set to take legal action to have their wages restored to pre-2012 levels after the government suggested it would not raise their pay t...
Inside News
VOLLEYBALL
Volleyball national team second in European League
Much as the national volleyball team tried to repeat in the finals of the European League the feat it had achieved in the semifinals, it failed to overturn the advantage Montenegro had got f...
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. I l...
Inside Sports
COMMENTARY
Through insecurity comes optimism
Prime Minister Antonis Samaras recently expressed his optimism regarding the quota of 180 Parliamentary deputies required for the election of Greeces next president, in order for the countr...
EDITORIAL
Futile policy
The policy that Israel has been pursuing vis-a-vis the Palestinians is wrong and futile. Current tactics have failed to resolve the security issue and, at the same time, they are rapidly dra...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Deals reached for twin plot on Afandou, for 42 million
2. More delays and red tape for companies tax rebates
3. Greek shipowners continue to invest in fleet renewal
4. Trainose sale is not on track
5. Industry asks for govt intervention
6. Troika review in Athens unaffected by Paris meeting
more news
Today
This Week
1. Greece names fifth privatization agency chief in four years
2. Archaeological council bans international climbers' gathering at Meteora
3. Worlds largest solar boat on Greek mission
4. Venizelos to meet Nimetz in Athens
5. More than 120,000 households to receive special benefit
6. Tsipras discusses Cyprus with Anastasiades in Athens
Today
This Week
1. Unequal after death
2. Greek sovereign debt at 174.1 percent of GDP in first quarter
3. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
4. Quadriplegic woman on life support 'dies due to unpaid power bills'
5. Front-line threats
6. Defense Minister Avramopoulos to represent Greece at European Commission
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.