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One Million Greeks Without Job – Unemployment at 20.9% in Nov ’11

It is official: 1.029.587 Greeks were without job in November 2011 and unemployment hit a new record reaching 20.9 percent. In comparison, unemployment was 13.5% in November 2010 and 18.2% in October 2011, according to Greek Statistics Authority (ELSTAT). That is, unemployment figures doubled within one year and 405.785 Greeks lost their jobs. Moreover, the statistics show that from End October ’11 to End November ’11 the number of unemployed increased at 126,062 , that is 4,200 people were losing their work places on a daily basis.

In November 2011, the number of economically active was 3,901,269 people, and the economically inactive  4,423,657 people.

These data refer only to employees and do not show unemployment rates in the self-employed, owners of  very small,  small and middle enterprises.

Most hit by unemployment are young professionals and women. Unemployment skyrocketed to 48% in the age group 15-24, and almost one in two Greek youth is without job.

Among women, unemployment reached 24.5% in November 2011.

In order to boost competitiveness, the Troika imposed a sharp cut in the private sector wages for the youth until 25 years old. They will earn €510.94 gross, or 400 euro nett per month. With the new measures, the unemployment allowance will go down from €461 to €390 per month. The unemployment allowance is distributed for the period of one year only.

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10 comments

  1. Ouch.

    Bye bye depression, welcome implosion.

    From 18,2% to 20,9% in one month, does something like this already exist in history? And this reflects what happenend 3 months ago…

  2. keeptalkinggreece

    so it is. that was 3 moths ago and things got worse meanwhile.

  3. One would have thought they would be able by now to give these figures for last month… Guess we nee structural reforms for that? 😉
    But with the fact that this was 3 months ago AND, like KTG said, these are without the self-employed, owners of very small, small and middle enterprises, one can just look in horror what the real figure must be.
    Can’t find the link at the moment (and KTG I would understand if you would not publish this part), but I read that around 110.000 (!) businesses did close. Around 70.000 or so new businesses were started. Looks not too bad? Well most of those were people who lost their jobs and registered as a self-employed…
    Implosion is the right word.

  4. Ofcourse, NOW I find the link… 🙄

    Finance Ministry data showed that some 111,000 companies shut down in 2011, against just 75,000 new businesses being set up. In fact the majority of new start-ups are not actual enterprises but newly self-employed professionals.

    http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_25206_07/02/2012_426623

  5. keeptalkinggreece

    i thought there were 60,000 closed… was too lazy to look for the link too.

  6. Yes, that 60 or 65.000 seems to creep up all the time. That made this statement by the Finance Ministry so intriguing. And disturbing.

  7. Ithink that was the data of 2010/2011. it’s normal they are no tupdated every once in a while.

  8. While traveling through Greece last year I remember seeing all these young people in the parks with nothing to do. I suspected that what I was observing was only the tip of the iceberge and wondered what the future held for them. Will they become a lost generation? With nearly 50% unemployed (probably more now)I fear that that is what will happen.

  9. @Patrick, the link doesn’t open and we do not approve links that we cannot open lol

  10. I’m hoping this site will help:

    http://www.1millionsignatures.eu/?a=gr

    You never know… so please sign the petition and pass it around if you think it might help.