Greek Unemployment Rate Falls to 9.8% in October 2024

The seasonally adjusted unemployment rate in Greece dropped to 9.8% in October 2024, down from a revised 10.8% in October 2023 but up from a revised 9.4% in September 2024, according to data from ELSTAT.

Employment and Unemployment Figures

The number of employed individuals rose to 4,284,694, marking an increase of 67,723 (1.6%) compared to October 2023 and 22,002 (0.5%) compared to September 2024. Conversely, the number of unemployed stood at 466,858, reflecting a year-on-year decrease of 44,806 people (-8.8%) but a month-on-month increase of 22,104 (5.0%).

Non-Active Population and Youth Unemployment

The non-active population under the age of 75—individuals neither working nor actively seeking employment—totaled 3,017,785 in October. This group saw a decrease of 45,427 people (-1.5%) compared to October 2023 and a similar drop of 45,518 (-1.5%) compared to September 2024.

Unemployment among individuals aged 15-24 remained high at 23.3% in October, underscoring ongoing challenges in youth employment.

Meanwhile, long-term unemployment in Greece 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.

Source: tovima.com