• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

Loading...
See More

Greek unemployment rate tripples

Jan 10 2013 19:41 Reuters
Demonstrators stand in front of the Greek parliame

Demonstrators stand in front of the Greek parliament. (AFP)

Related Articles

No let-up in Greek manufacturing woes

EU, IMF agree to lend Greece €49bn

Gold firms fall on Greece bond plan

Greece launches bond buyback offer

Greece to unveil terms of bond buy-back

EU holds back on eurozone overhaul

 
London - Greece's unemployment rate climbed to a record 26.8% in October as the debt-laden country remained sunk in recession, data showed on Thursday.

Greece's jobless rate has almost tripled since it started rising in September 2009 as the country's debt crisis became apparent, and is more than double the average rate in the 17-nation eurozone, which stood at 11.8% in November.

Unemployment among youth aged 15-24 also touched a new record of 56.6% in October, compared with 22.1 percent in the same month four years ago, statistics service ELSTAT said.

A record 1.34 million Greeks were without work in October, up 38% from the same month in 2011, it said.

After months of uncertainty over its future in the eurozone, Greece has managed to avoid bankruptcy but its economy is still sinking under austerity policies imposed by foreign lenders as the price for continued aid.

The influential IOBE think tank on Thursday projected the economy would shrink 4.6% this year, taking a slightly more pessimistic view than the government, which expects the contraction at 4.5%, and the country's foreign lenders, who see it at 4.2%.

IOBE also predicted unemployment would rise further to 27.3% this year, which is set to be the sixth consecutive year of recession.

However, spending cuts helped narrow the country's central government budget gap by 30% in 2012 to €15.91bn ($20.75 billion), the finance ministry said.

The central government budget figure excludes key elements of the general government budget, which is the figure used by the European Union to assess Greece's fiscal performance under its latest EU/IMF bailout programme.
 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

greece  |  unemployment

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...