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GreekReporter.comGreek NewsEconomyCuts Drive Greek Unemployment to Record High‎

Cuts Drive Greek Unemployment to Record High‎

Greece’s unemployment rate rose in November to a record high, while declining industrial production in December indicated a deepening economic contraction in the final quarter.
The unemployment rate rose to 20.9 percent, from 18.2 percent the previous month, the Hellenic Statistical Authority said today in an e-mailed statement. The November rate was the highest since the data series began in 2004. Industrial output fell 11.3 percent in December from a year earlier, according to a separate statement.
“The unemployment rate worsened at a much faster pace than expected, while employment shrank further. The fall of employed people by an annual 9.4 percent in November was shocking,” said Nikos Magginas, at National Bank.
November unemployment among those under 24 was 48 percent, up from 35.6 percent in the year-earlier month. The highest regional rate was 23.8 percent in Macedonia-Thrace, in northern Greece. Unemployment in the Attica region, which includes Athens, was 21.1 percent, up from 13.9 percent a year earlier.
Greece’s consumer price index was 2.3 percent higher in January than a year earlier, compared with 2.2 percent in December, the statistical authority said in a separate statement.
(source: ELSTAT, Bloomberg)

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