The Greek unemployment rate rose once again to 27.4 % in September according to data released today by the, Hellenic Statistical Authority (link in Greek) just shy of the record 27.5% unemployment level measured in May. In September of 2012 the unemployment rate was 26.0%.
This equates to a total of 1.38 million unemployed workers while the working population is 3.64 million people. Unemployment also disproportionately affects women and young adults (excluding students) with rates of 31.4% and 51.9% respectively. In 2008 the same groups had unemployment rates of 11.1% and 22.2% respectively.
Over the summer months the unemployment rate dropped slightly, hovering just over the 27.0% mark and the new new uptick is a blow to the government that had optimistically predicted a downward trend.
The latest disappointing figure is just the latest in a series of economic indicators that paint a dismal picture of an economy trapped in depression: over the last three months deflation jumped to 2.9% sowing fears for the long term sustainability of Greece’s debt, industrial output was down 5.2%, while construction activity dropped by a whopping 35.1%.
Unemployment in Greece from September (Σεπτεμβριος) 2011 to September 2013 (Source ELSTAT):
