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Economy of Greece

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

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.