The unemployment rate in Greece fell in May, as did inflation in June.
The seasonally adjusted unemployment rate in May 2023 amounted to 10.8% compared to 12.7% in May 2022 and to the upwards-revised 11.3% in April 2023, according to the Hellenic Statistical Authority (ELSTAT).
The number of employed persons amounted to 4,186,179 persons, increased by 45,901 persons compared with May 2022 (1.1%) and by 22,512 persons compared with April 2023 (0.5%).
The number of unemployed persons amounted to 506,184 decreased by 95,166 persons compared with May 2022 (-15.8%) and 23,861 persons compared with April 2023 (-4.5%).
As for the number of persons outside the labour force, i.e., persons under the age of 75, that neither work nor look for a job, it amounted to 3,111,516, increased by 18,599 persons as compared with May 2022 (0.6%) and decreased by 996 persons compared with April 2023 (negligible change).
At the same time, the further de-escalation of the inflationary phenomenon in Greece and the Eurozone is demonstrated by the first figures of Eurostat for the month of June.
According to the provisional measurement of the European statistical authorities, the harmonised consumer price index was formed in Greece at 2.7% compared to 4.1% in May and 4.5% in April.
It is recalled that, at a non-harmonised level, i.e. based on ELSTAT data, annual inflation in our country had fallen to 2.8% in May.
As for the Eurozone, Eurostat confirmed that the price index decelerated to 5.5% in June compared to 6.1% in May and 7% in April. This is the lowest performance before the outbreak of the war in Ukraine.
For their part, the Bank of Greece (BoG) announced the GDP is forecast to grow by 2.2% in 2023 and 2.7%-3% in 2024, with the assistance of the resources from the Recovery Fund and the NSRF.
In terms of reforms, there is a recommendation to continue the effort in order to improve the competitiveness of the Greek economy.
The report also makes special mention of the current account deficit, which has widened.
On the fiscal policy front, the BoG estimates that a prudent policy should continue with the achievement of primary surpluses in the coming years, thus contributing to the de-escalation of public debt, which reached 171.3% of GDP in 2022, remaining the highest within the EU.
Meanwhile, the “household basket” measure will be extended until December 31, 2023, the development ministry announced on Friday.
At the same time, the measure imposing a maximum profit margin will be extended until December 31, 2023 for companies that trade in basic consumer products and fuels in order to deal with unfair profiteering at the expense of consumers.
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