The Brief: Unemployment rate in Greece drops to lowest level since 2011
The unemployment rate in Greece has dropped to its lowest level since May 2011, a sign that the country’s troubled economy is recovering and showing modest growth.
The unemployment rate in September 2013, when was at 27.8%, so the latest improvement is significant.
Yet, Greece’s rate is still over twice the average for European Union nations and the Eurozone.
Unemployment in the Euro area is at 7.5% and 6.3% in the European Union.
In the same period, unemployment in Greece stood at 17.2% — a 2% improvement since last year.
Youth unemployment in Greece in May fell to its lowest level since the beginning of the Greek government-debt crisis but more than a third of young Greeks do not have a job.
This being said, while youth unemployment remains high at 33,8%, saw an improvement on last year of over 5%.
More than 400,000 skilled young Greeks have moved abroad to work, in search of a better salary.