
Greek long term unemployment was among the three worst in the European Union, according to the latest report released by the European bloc’s statistical authority, Eurostat.
While the long-term jobless rate in the European Union as a percentage of the workforce settled at 2.1% in 2023, a historic low since 2009, Greek long term unemployment stood out with a rate of 6.2%, the second worst in the Union, with only Bosnia Herzegovina being worse with 9.6%. Spain, with 4.3% came in third from the bottom.
On a positive note, in October, Greece’s youth unemployment (15-29) was 6.3% of the total population in that age group, marking the lowest level ever seen in the available data. However, despite this promising trend, according to Eurostat, Greece’s youth unemployment rate is still relatively high compared to other European nations at 9.8%. Sweden registered the highest youth unemployment rate at 10.9%, followed closely by Spain at 10.8%. On the other hand, countries like the Czech Republic (2.4%), Bulgaria (3.2%), and Germany (3.3%) report much lower youth unemployment rates.
Greece’s High Rate of “Labor Market Slack”
While the jobless rate in Greece has showed signs of improvement, the country faces a significant challenge in terms of underutilized labor, also known as “labor market slack.” Greece ranks fourth in the EU for this metric, which measures the proportion of the working-age population that is either unemployed, underemployed, actively seeking work but not available, or not looking for work at all.
The latest Eurostat figures show that in 2023, Greece’s labor market slack stood at 16.3%, well above the EU average of 12%. This indicates that a significant portion of Greece’s potential workforce remains underused.
The highest levels of slack were reported in Spain (20.2%), Italy (17.7%), Sweden (16.4%), and Greece (16.3%).
These figures highlight a pressing issue for Greece: while the youth unemployment rate has decreased, the broader labor market remains “loose,” with many individuals in the working-age population not fully participating in the economy. This situation reflects a mismatch between available labor and job opportunities, contributing to both unemployment and underemployment in various sectors.
Source: tovima.com


Latest News

Easter Sales Performance and the Source of €4–5 Million in Losses
Easter retail sales were relatively weak this year, with the only "real winners" being the livestock farmers who had lambs to sell.

Hotel Foreclosures Continue to Plague Greece’s Islands
A surge in hotel foreclosures across Greece’s islands threatens small tourism businesses, despite booming visitor numbers and record-breaking travel in 2024.

Athens Launches Task Force to Safeguard Historic City Center
The new municipal unit will ensure compliance to zoning laws, curb noise, and address tourist rental issues starting from the Plaka district.

WTTC: Travel & Tourism to Create 4.5M New Jobs in EU by 2035
This year, international visitor spending is set to reach 573 billion euros, up by more than 11% year-on-year

IMF: US Tariffs Shake Global Economy, Outlook Downbeat
IMF slashes global growth forecast to 2.8% as U.S. tariffs create uncertainty and ‘negative supply shock

First Step Towards New Audiovisual Industry Hub in Drama
The project is set to contribute to the further development of Greece’s film industry and establish Drama as an audiovisual hub in the region

Airbnb Greece – Initial CoS Ruling Deems Tax Circular Unlawful
The case reached the Council of State following annulment applications filed by the Panhellenic Federation of Property Owners (POMIDA)

Mitsotakis Unveils €1 Billion Plan for Housing, Pensioners, Public investments
Greek Prime Minister Kyriakos Mitsotakis has announced a new set of economic support measures, worth 1 billion euros, aiming to provide financial relief to citizens.

Alter Ego Ventures Invests in Pioneering Gaming Company ‘Couch Heroes’
Alter Ego Ventures' participation in the share capital of Couch Heroes marks yet another investment by the Alter Ego Media Group in innovative companies with a focus on technology.

Corruption Still Plagues Greece’s Driving Tests
While traffic accidents continue to claim lives on Greek roads daily, irregularities and under-the-table dealings in the training and testing of new drivers remain disturbingly widespread