Greece’s unemployment rate rose to record 28 percent last November –statistics

Greece’s unemployment rate rose to record 28 percent last November –statistics

YEREVAN, February 13. / ARKA /. Greece‘s unemployment rate rose to a record 28 per cent in November, an increase from a downwardly revised 27.7 per cent the previous month, Prime reported citing the Statistical Agency ELSTAT.

The rate was more than twice the eurozone average of 12.1 per cent in November, with ELSTAT saying youth unemployment in the 15-24 age group remained exceptionally high, hitting 61.4 per cent in November from 61 per cent in the previous year. In total, 1.38 million people were out of work in Greece, it said.

Greece has implemented unpopular austerity measures demanded by international creditors in exchange for bailout loans. It remains in recession for the sixth-straight year.

Greece's unemployment rate is expected to rise further in the first three months of 2014 as firms continue to restructure and cut jobs. Before the crash when Greece was growing at up to 5% annually, about 50,000 jobs a year were added to the economy. -0-

16:41 13.02.2014

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