A symbolic drop in Greek Unemployment

For the first time since 2011, unemployment rate drops under the 20% “psychological” barrier

The seasonally adjusted unemployment rate calculated by the Hellenic Statistical Authority (ELSTAT) for May 2018 was found to be 19,5%.
A terrible figure, but still the best one recorded since September 2011!

Evolution of the unemployment rate month per month, May 2004 -2018
Values marked on the curve refer to May of each year
Unemployment reached a record high of 27,6% in 2013, under New Democracy / PASOK rule. Since SYRIZA took office in January 2015, unemployment has dropped by approx. 7 percentage points.
Young people’s unemployment (age 15 – 24) went down from 51,6% in May 2014 to 39,7% in May 2018. Unemployment is highest in the north-west regions of Epirus – Western Macedonia (24 %) and lowest in Crete (13,5%).

Evolution in absolute numbers, May 2013 -2018

This is a result of hard and systematic work done by the government in fighting unemployment. Of course, it is no reason for complacency. In the coming period, efforts to increase employment, and full-time jobs in particular, will be intensified.
In addition to that, reintroducing collective bargaining, by next September, and increasing the minimum wage, will contribute substantially to improve labour relations.
According to Minister of Labour Effie Achtsioglou, “our efforts for a recovery of the Greek economy, as well as in fighting undeclared labour through more effective legal protection and control mechanisms, and targeted programs for job creation, are bearing fruit.” We are, of course, fully aware –the Minister went on to say – that the extent of unemployment still constitutes one of the hugest problems for Greek society and “we are making every effort to fight it” through targeted policies and exploring every new productive potential.