Jobless rate drops below 10%

Unemployment in Greece has finally dropped below 10% for the first time in 14 years. According to Hellenic Statistical Authority (ELSTAT) data, the seasonally adjusted unemployment rate in October 2023 reached 9.6%, compared to 11.8% in October 2022. The last time ELSTAT recorded a single-digit rate (9.9%) was in August 2009.

The number of people employed reached 4,257,939 in October, marking an increase of 145,353 workers compared to a year ago (+3.5%), but also by 55,348 workers (+1.3%) compared to September – i.e. the immediately preceding month.

Notably, compared to August 2009, when unemployment was at about the same levels, the employed numbered 4,551,600, so there were 293,661 more jobless than this October’s figures. This difference shows that in the intervening 14 years, the labor market has shrunk and thousands of jobs have been lost, not replaced.

n October this year the unemployed amounted to 453,783 people, marking a decrease of 98,636 compared to October 2022 (-17.9%) and 28,316 people compared to September 2023 (-5.9%).

Unemployment, with small fluctuations, has been decreasing throughout this year. From 11.3% in January, it took 10 months to drop into the single digits. In February it moved marginally upward (11.4%), but decreased to 11.2% in March and rose again to 11.6% in April, which was also the highest percentage recorded for this year. Subsequently, unemployment in May was limited to 11.3% and moved marginally lower in June (11.2%), while it returned to 11.3% in July. Since August, it has broken the 11% barrier, as it fell to 10.8% for the first time. It then continued to post new lows, as it was estimated at 10.3% in September, to reach 9.6% in October.

In the years of the economic crisis, unemployment from September 2009 onward moved permanently in the double digits. Within two years, in October 2011, it had exceeded 20%, as it was calculated at 20.5% with upward trends. It fell below 15%, and specifically to 14.3%, in July 2021.