Greek unemployment rate drops to 10% in September

Balance of unemployment flows

The Greek unemployment rate fell to 10% of the workforce in September from 12.1% in September 2022 and 10.6% in August 2023, the Hellenic Statistical Authority said on Friday.

More specifically, the statistics service said that the unemployed totalled 467,804, down 18.2% from September 2022 and 5% from August 2023. The unemployment rate among women fell to 12.4% from 15.5% last year, while among men, it fell to 8% from 9.4%.

The unemployment rate in the 14-24 age group dropped to 19.4% from 32.4%, and in the 25-74 age group, it fell to 9.4% from 10.9% in September 2022. The number of employed people totalled 4,226,711, up 1.7% from September 2022 and up 1.3% from August 2023.

Greek economic sentiment index eased in October

Greek economic sentiment index eased to 106.4 points in October from 107.7 in September, reflecting a decline in business expectations in retail commerce, weaker expectations in industry and services and more optimistic expectations in the construction sector, the Foundation for Economic and Industrial Research (IOBE) said on Wednesday.

More specifically, the Foundation said that the economic sentiment index was moving above last year's levels in 2023 in contrast to a decline in the relative index in the EU and the Eurozone, reflecting a positive climate traditionally prevailing during election years.

However, optimism is gradually falling because of geopolitical tensions, tighter fiscal room and uncertainty over the inflation rates.

Business expectations in the industrial sector showed a further decline in the negative balance of estimates over new orders and demand. In contrast, positive expectations for overproduction in the coming months improved slightly.

In the construction sector, negative expectations over production eased, while optimistic estimates over employment improved. In retail commerce, estimates over current sales fell strongly, and forecasts over short-term trends rose. In the services sector, optimistic assessments over the current condition of enterprises eased along with forecasts of demand.

In consumer confidence, pessimistic estimates by Greek households over the country's fiscal condition rose along with assessments of their economic condition. In contrast, forecasts over major purchases improved along with saving intentions.

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