Greece’s seasonally adjusted unemployment rate decreased to 9.8% in October 2024, down from 10.8% in October 2023, according to data released by the Hellenic Statistical Authority (ELSTAT). However, the rate rose slightly from 9.4% in September 2024.
Key Figures:
- Employment: Increased by 67,723 (1.6%) year-over-year and 22,002 (0.5%) month-over-month, reaching 4,284,694.
- Unemployment: Decreased by 44,806 (-8.8%) year-over-year, but increased by 22,104 (5.0%) month-over-month, totaling 466,858.
- Inactive Population (under 75): Decreased by 45,427 (-1.5%) year-over-year and 45,518 (-1.5%) month-over-month, totaling 3,017,785.
- Youth Unemployment (15-24): Remained high at 23.3%.
- Long-Term Unemployment: Among the worst in the EU at 6.2%, second only to Bosnia and Herzegovina (9.6%).
While the year-over-year decrease in unemployment is positive, the month-over-month increase raises concerns about potential stagnation or reversal of the downward trend. The persistently high youth unemployment rate and the concerning level of long-term unemployment highlight ongoing challenges in the Greek labor market.