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Greek Unemployment Rises to 23.4 Percent in August, Eurozone Highest

uk.reuters.com

Greece's jobless rate rose to 23.4 percent in August from an upwardly revised 23.3 percent in the previous month, statistics agency ELSTAT said on Thursday, REUTERS reports.

The number of officially unemployed reached 1.126 million people. Hardest hit were young people aged 15 to 24 years, with their jobless rate dropping to 46.5 percent from 48.3 percent in the same month a year earlier.

The reading in August, based on seasonally adjusted data, was the lowest since March 2012 when unemployment stood at similar levels. The jobless rate hit a record high of 27.9 percent in September 2013.

Greece's unemployment rate has come down from record highs but remains more than double the euro zone's average of 10 percent in August.

The government expects unemployment will drop to 22.4 percent next year, based on its draft 2017 budget which sees the economy expanding by 2.7 percent.

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