ECONOMY

Record jobless rate for youth

The rate of unemployment among young people in Greece is now the highest in the European Union, even overtaking that of Spain, according to August data released on Monday by Eurostat in Brussels.

During a month that traditionally sees the jobless rate in Greece drop thanks to tourism, well over half of Greeks under the age of 25 years (55.4 percent) were found to be out of work, leaving Spain in second place at 52.9 percent. The lowest rate for youth unemployment in Europe is in Germany (8.1 percent).

The overall unemployment rate in Greece came to 24.4 percent in June, up from 23.5 percent in May, which breaks down to 21.7 percent for men and 28.1 percent for women.

The jobless rate in Spain is still the highest in the EU, at 25.1 percent, but Greece is catching up rapidly as it posted the biggest percentage growth in one year, rising from 17.2 percent to 24.4 percent. Cyprus also saw a significant rise, as its unemployment rate climbed from 7 percent to 11.7 percent in one year. Across the bloc the rate remained at 11.4 percent, the same as in July.