ECONOMY

Jobless rate doubles since 2008

The number of the unemployed in Greece has doubled in the last three years, reaching 800,000 according to the Hellenic Statistical Authority (ELSTAT).

Latest data shows that one in five citizens up to the age of 45, the most productive bracket, are jobless.

The supply of new jobs in the labor market is now returning to what it was like 50 years ago, when the unemployment rate reached 26.6 percent driving thousands of jobless Greeks abroad.

Manpower Organization (OAED) chairman Ilias Kikilias told Kathimerini that even if there was no financial crisis the problem would have been equally serious. He suggested that the labor market cannot absorb the new university graduates who have doubled in the last 20 years.