Greek unemployment rate fell in January

greek unemployment rate

The Greek unemployment rate dropped to 10.8% of the workforce in January this year, from 12.4% in December 2022 and 13.7% in January 2022, Hellenic Statistical Authority said on Thursday.

More specifically, the number of unemployed people totaled 501,948, down 134,764 or 21.6% compared with January 2022 and was lower by 87,686 or 14.9% compared with December 2022.

The unemployment rate among women fell to 13.9% from 18.3% in January last year, while among men it fell to 8.3% from 10%, respectively.

The unemployment rate in the 15-24 age group was 28.1% in January 2023 from 37% in the same month last year, while in the 25-74 age group it fell to 9.8% from 12.5%. The number of employed people was 4,145,529, up 2.9% from January 2022 and down 0.6% from December 2022.

Meanwhile, the Greek annual inflation rate fell to 6.5% in February from 7.3% in January, Eurostat said in its flash estimate on inflation trends.

In a report released in Brussels, Eurostat said the annual inflation rate in the Eurozone was expected to ease slightly to 8.5% in February from 8.6% in January, reflecting prices increases in food, alcohol and tobacco (15% and 14.1%, respectively), followed by energy (13.7% from 18.9% in January) and non-energy industrial goods (6.8% from 6.7% in January).

The consumer price index in the services sector rose 4.8% in February from 4.4% in January.

Latvia (20.1%), Estonia (17.8%) and Lithuania (17.2%) recorded the biggest inflation rates, while Luxembourg (4.8%), Belgium (5.5%), Spain (6.1%) and Greece (6.5%) had the lowest rates.

At the same time, the Greek state budget recorded a surplus of 1.480 billion euros in January, up from a budget target for a surplus of 917 million and a deficit of 1.199 billion euros reported in January 2022, the finance ministry said on Tuesday in a bulletin on the January budget execution data on a modified cash basis.

The primary result showed a surplus of 2.773 billion euros, up from budget target for primary surplus of 2.147 billion euros and a primary surplus of 15 million in the same period last year.

Net budget revenue was 7.166 billion euros in January, up 8.75 from targets, while regular budget revenue was 7.611 billion, up 11.1% from targets. Tax revenue rose 12% to 4.928 billion euros, VAT revenue totaled 2.277 billion euros, up 246 million from targets, special consumption tax revenue was 492 million, down 34 million from targets, property tax revenue was 120 million euros, down 17 million from targets and income tax revenue was 1.475 billion euros, up 261 million from targets.

Tax returns totaled 445 million euros, up 184 million from targets, while Public Investment Programme revenue was 601 million euros, up 86 million from monthly targets.

Budget spending was 5.686 billion euros, up 12 million from targets and up 632 million from January 2022. Public Investment Programme spending totaled 648 million euros, down 99 million from targets.

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