Unemployment edges up to 26 pct in December

Greece’s jobless rate rose to 26 percent in December from an upwardly revised 25.9 percent rate in the previous month as the economy shrank slightly in the last quarter of 2014, statistics agency ELSTAT said on Thursday.

December’s reading, based on seasonally adjusted data, is the lowest since September 2014 when unemployment stood at 26.1 percent. The record high was set in September 2013, when unemployment hit 27.9 percent.

Joblessness has come down from record highs as the economy stabilised last year after a severe slump but it remains more than double the eurozone’s average of 11.3 percent in December.

Greece’s economy expanded by 0.7 percent last year, with recovery expected to gain traction this year.


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