Greece’s jobless rate dropped slightly to 25.4 percent in February from a downwardly revised 25.6 percent rate in the previous month, statistics agency ELSTAT said on Wednesday.
February’s reading, based on seasonally adjusted data, is the lowest since July 2012 when unemployment stood at 25.3 percent. The jobless rate hit a record high of 27.9 percent in September 2013.
Unemployment has come down from record highs as the economy stabilized last year after a severe slump, but remains more than double the euro zone’s average of 11.3 percent in February.
Greece’s economy, which grew 0.7 percent last year, is expected to expand by only 0.5 percent this year based on the latest EU Commission forecasts. [Reuters]