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Posted on: March 16th, 2013 by AlYunaniya Staff No Comments

Unemployment in Greece reaches 26 percent

Youth unemployment - source  ILO

photo: ILO

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Unemployment in debt-crippled Greece rose to a record of 26 percent in the last quarter of 2012, as austerity measures have plunged the country into deep recession.

According to the Greek Statistical Authority (ELSTAT), in the 4th Quarter of 2012 the number of employed amounted to 3,681,926 personswhile the number of unemployed amounted to 1,295,535. The unemployment rate was 26.0% compared with 24.8% in the previous quarter, and 20.7% in the corresponding quarter of 2011.

The number of employed persons decreased by 1.5% compared with the previous quarter, and by 6.4% compared with the 4th Quarter of2011. The number of unemployed persons increased by 5.2% compared with the previous quarter and by 26.3% compared with the 4th Quarter of 2011.

The figures revealed that the number of employed people stood at 3.7 million out of a population of nearly 11 million. About one million Greeks have lost their jobs since the recession erupted in 2008.

Athens has announced plans to cut an additional 150,000 public sector jobs by 2015, including 25,000 before the end of the current year.

The unemployment rate for females (29,7%) is considerably higher than the unemployment rate for males (23.3%). By observing the unemployment rate for different age groups, we notice that the highest unemployment rate is recorded among young people in the age group of 15-24 years (57.8%). For young females, the unemployment rate is 65.0%.

The country relies on international rescue loans, released on condition it imposes austerity measures like spending cuts and tax hikes.

The heavily-indebted country has been in recession since 2008, with unemployment continuously on the rise.

 

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