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Greek Labor Market Records 19-Year Low in March Due to Coronavirus Lockdown

The Greek back side of the two-euro coin. Photo credit: pxfuel.com

According to Ergane, the Information department of the Greek Ministry of Labor, the Greek labor market recorded extremely negative numbers for employment in March of 2020.
According to Ergane’s data, the Greek labor market recorded a total of 41,903
fewer jobs in March, the month when the government’s restrictive measures were first put into effect as part of the effort to limit the spread of the coronavirus.
This figure is the lowest to be recorded in nineteen years, making it even worse than the figures recorded during the darkest hours of the ten-year-long financial crisis experienced by the country.
A total of 103,002 new jobs were created in Greece in March; however, at the same time, 144,905 jobs ceased to exist — at least for the time being — in the country’s labor market.
This negative balance was of course expected due to the unprecedented situation of the global pandemic; however, the numbers are still unsettling.
When March of 2020 is compared to March of 2019, the situation looks even gloomier, as Greece had recorded a total of 43,373 more job creations than job losses during the same period last year, when the Greek economy was on the upswing.
Commenting on the data on Thursday, Greek Labor Minister Giannis Vroutsis emphasized, however, that these figures are temporary and that the government will continue to do everything in its power to reverse this trend and support the post-pandemic recovery of the economy.

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