Greece unemployment rate reaches record high of 28% in November 2013

Greece’s unemployment rate reached a record high of 28% in November 2013, according to newly released government figures.

The jobless rate increased from 27.7% in the previous month. For those under the age of 25, unemployment hit 61.4%.

Harsh austerity measures have led the Greek economy to shrink by a quarter in four years.

However, other economic indicators have suggested that there are signs of recovery.

Before Greece received its first 110 billion-euro ($150 billion) bailout in May 2010, the jobless rate was under 12% here.

Slight growth is expected this year and the deficit now wiped out, apart from interest payments on the bailout.

Greece’s unemployment rate reached a record high of 28 percent in November 2013

Greek unemployment is more than twice the average rate in the eurozone.

According to official EU figures, the number of people out of work in the single currency bloc in December was 19 million, with the jobless rate at 12%.

Other economic figures such as retail sales, manufacturing activity and construction, have pointed to signs that Greece’s recession has bottomed out.

However, Greece’s unemployment rate is expected to rise further in the first three months of 2014 as firms continue to restructure and cut jobs.

With 1.38 million people officially jobless, turning around the country’s economy will take time, even if the recovery does start this year as Athens hopes.

Before the crash when Greece was growing at up to 5% annually, about 50,000 jobs a year were added to the economy.

At these rates it could take more than 20 years to reduce the jobless totals – without measures to encourage domestic and foreign investment.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

5 hours ago

White House 2024: Voter Fraud Claims Flood Social Media

Misleading allegations, rumours and outright lies about voting and fraud are flooding online spaces in…

2 days ago

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

4 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

4 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago