Wednesday, 24 September 2014

Unemployment creeps up to 27.6 pct in July; little tourism boost evident

10/10/2013

en_GB Photo by Myrto Papadopoulos [www.myrtopapadopoulos.com] Photo by Myrto Papadopoulos [www.myrtopapadopoulos.com]

The seasonally adjusted unemployment rate in July edged marginally higher to 27.6 percent from 27.5 percent in June, according to data released on Thursday by the Hellenic Statistical Authority (ELSTAT).

Despite the reduction in the number of unemployed people in July, from 1.4 million to 1.37 million the decline in the number of employed combined with a significant increase in the number of people that dropped out of the labour force has pushed the rate marginally higher.

According to the data from ELSTAT, even in non-seasonally adjusted terms the rate of unemployment remained flat, something that sends alarming messages as July is the start of the high tourism season and a record number of arrivals had created expectations that services jobs could absorb and offer even seasonal relief for some of Greece’s jobless.

Unemployment remains more prominent in the female population with a rate of 31.1 percent compared to 25 percent for males.

Youth unemployment has moderated to 55.1 percent as young and unskilled workers are usually first takers of the seasonal jobs during the summer. In the 25-34 and 35-44 age groups, 36.2 percent and 24.1 percent respectively remain without employment.

At a regional level, Epirus and Western Macedonia have the highest unemployment rate with 30.5 percent, followed by Macedonia-Thrace with 29.9 percent. Attica’s rate is 27.9 percent.

These official figures come to support the increasing views of local and international research centres and organisations that do not see Greece’s unemployment decreasing in the foreseeable future.

In the draft budget that it presented on Monday, the Finance Ministry assumes an unemployment rate in 2013 of 25.5 percent and sees it falling to 24.5 percent in 2014.