Greek Unemployment Rate 10.65% in May 2024

The seasonally adjusted Greek unemployment rate fell to 10.65% in May 2024, from the upward 11.2% revised in May 2023, and 11.2% in April 2024, according to Greece’s statistical authority ELSTAT.

ELSTAT said the number of employed persons is estimated at 4,249,074, marking a 1.3% uptick compared to May 2023 and a fall of 63,083 persons compared with April 2024 (-1.5%).

The data showed the number of unemployed persons amounted to 504,924, down by 21,707 persons compared with May 2023 (-4.1%) and by 11,472 persons compared with April 2024 (-2.2%).

The number of individuals estimated to be outside the labor force, – persons under the age of 75, who neither work nor look for a job – amounted to 3,026,511, down by 54,608 compared with May 2023 (-1.8%) and up by 72,256 persons compared with April 2024 (2.4%).

The Labour Force Survey has been conducted since 1981. Until 1997 the results were produced annually concerning the second quarter of each year. From 1998 onwards it is a continuous quarterly survey.

Unemployment in May stood at 13.8% for women and 8.1% for men, marking a decrease from 14.6% and 8.4%, respectively, in May 2023.

Concerning age groups, young people aged 15 to 24 recorded a significantly high rate of 23.8%, down from 25.2% in the same month of 2023. The unemployment rate for those aged 25-74 dropped to 9.9% from 10.3%.

Although the general employment rate in the country has shown positive signs, youth unemployment still plagues Greece as the country has one of the highest rates among the EU27 member states.