Positive Trends in Greek Labor Market
After 15 years, unemployment in Greece has finally dropped to a single-digit rate, with the Hellenic Statistical Authority (ELSTAT) reporting a jobless rate of 9.6% in June. This marks a significant improvement from the 11.4% rate recorded in June 2023.
Although we still need to wait for the seasonally adjusted data to confirm the positive trend in the Greek labor market, the latest ELSTAT figures indicate not only a decrease in unemployment but also an increase in employment. It is worth mentioning that back in October 2023, ELSTAT initially reported a drop in unemployment below 10%, only to have the seasonally adjusted results change the outcome. Therefore, based on the official data, the last time unemployment was below 10% was in September 2009, at a rate of 9.3%.
The recent statistics show a significant decline in the unemployment rate, with a decrease of 1.8 percentage points compared to June 2023 and 0.7 points from the previous month (May) when the rate stood at 10.3%.
As the number of unemployed individuals continues to decrease, there is hope for a brighter future in the Greek labor market. This positive trend is a promising sign for the country’s economy and its workforce.
The Rise of Employment and Drop in Unemployment Rates
In recent months, there has been a noticeable increase in the number of employed people, while the unemployment rate has decreased. This trend is particularly evident in the age group of up to 75 years old, where more individuals are actively seeking work.
According to recent data from ELSTAT, the number of unemployed individuals in June decreased to 456,663, showing a significant drop compared to previous years. This decrease has been attributed to more people transitioning from the inactive population to the unemployed population.
Conversely, the number of employed individuals has increased to 4,293,899, indicating a positive trend in the job market. However, despite this increase, the number of employed individuals is still lower by approximately 300,000 compared to pre-2009 levels.
Overall, the recent data suggests a positive shift in the employment landscape, with more people finding work and a decrease in unemployment rates. This is a promising sign for the economy and the labor market as a whole.
