Unemployment dropped to 11.8% in September

Greek unemployment rate

The unemployment rate in Greece was 11.8% in September this year, compared to the upwardly revised 13.3% in September 2021 and the downwardly revised 12.1% in August 2022.

The unemployed amounted to 556,324 people, marking a decrease by 65,121 people compared to September 2021 (10.5%) and by 8,449 people compared to August 2022 (1.5%).

According to the ELSTAT labor force survey , the unemployment rate for women rose to 15% (from 17.8%) and for men to 9.2% (from 9.6%).

By major age groups, in the 15-24 age group the unemployment rate increased to 28.5% (from 26.3%) and in the 25-74 age group it decreased to 10.8% (from 12.6%).

The employed amounted to 4,149,663 people , marking an increase by 83,545 people compared to September 2021 (2.1%) and by 43,487 people compared to August 2022 (1.1%).

Meanwhile, people under 75 not in the labor force, or "people outside the labor force" (those not working or looking for work), amounted to 3,117,564 people, a decrease of 51,891 people compared to September 2021 (1.6%) and by 37,647 people compared to August 2022 (1.2%).

Meanwhile, data on 41 loan contracts relating to Recovery and Resilience Fund (RRF), part of the "Greece 2.0" national plan in recovery and resilience, were tabled in the Greek Parliament on Tuesday by Alternate Finance Minister Thodoros Skylakakis.

Contracts will be initially reviewed by the Parliament's Standing Committee on Economic Affairs before heading to plenary.

The loan contracts are part of RFF projects worth 1.8 billion euros in total that must be implemented the latest by the end of 2026. Of the 1.8 billion euros, 824.4 million euros relate to RRF loans, 549.4 million come from commercial banks, and the remaining 439 million euros is investor capital.

The average interest rate of the above loans, all of which were signed by October 31, 2022, is 1.1% and the average rate of repayment at 11 years.

Most of the investment plans (43%) at contract stage fall under the "Greece 2.0" main category "Green transition".

The remainder (57%) belong under the other main categories of "Extroversion", "Digital transformation", and "Innovation, Research & Development". Some of the plans relate to more than one category.

So far, for the "Greece 2.0" plan a total of 210 investment plans have been tabled, and are at various processing stages. Their total budget comes to 8.22 billion euros (3.48 billion euros are RRF loans, 2.74 billion euros are bank funds and 2 billion euros are investor capital).

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