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1.1Million Greeks Without Job: Unemployment Gallops Relentlessly, 22.5% in April 2012

 With each passing month, unemployment in Greece breaks a new record: more than 1.1 million people are without job – and most probably without income whatsoever. Exactly 1,109,658 souls. One works, two sit at home. Unemployment broke a new record in April 2012 and reached 22.5 percent, according to Greek Statistics Authority.

Among the youth 15-25 years old the unemployment is at 51.5%. In the age group 25-34 unemployment is almost 29.8%, in 30%, in ages 35-44 is at 19.4%, in 45-54 at 17.2%, in 55-64 at 13.8% and for those 65-74% years old unemployment is at 4.1%.

Champions in unemployment are the regions of Crete (24.6%), Ipirus and Western Macedonia (24.5%). In Attica (Athens & broader ara) unemployment is at 23.4%.

In comparison, in April 2011 unemployment was at 16.2% translated into 801,883 people.

Women are affected by unemployment at 26% (19.8% in Apr 2011) and men at 20% (13.6% in Apr 2011).

The numbers of economically active and inactive people is almost equal: 

3.813.601 economically active,  3.60,717 economically inactive.  

The total population of Greece is 10,964,020 people.

ELSTAT unemployment data do not include self-employed but only employees.

 Forecasts by Economic Research Institue IOBE (the research centre where FinMin Yiannis Stournaras was director) predict unemployment to reach 23.6% and recession -6.8% in 2012.

Development and growth will come some time in the future. Near or far, I can’t tell you.

 PS I would have thought that Crete with agriculture and tourism would be better off, but I was wrong…

ELSTAT Full Report HERE in Greek.

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7 comments

  1. One lesson we in the US need to learn is “elections have consequences”. Greece too maybe?

  2. You are probably not wrong about Crete. The Labour Force Survey is low quality; moreover, these data are seasonally adjusted so they are not real data at all, but supposedly reflect trends from one and two years ago in the same season.

    When there are large shifts of population, activity and other events, these semi-competent surveys are worthless. Note that they emphasise a high margin of error even in normal circumstances.

  3. BTW, the Lobour Force Survey is supposed to cover self-employed people as well as employees. Why do you think that the ELSTAT data exclude the self-employed? I don’t find it in the press release, and this should not be the case anyway by EU rules…

    • keeptalkinggreece

      I suppose they record only those registered at OAED -Unemployment office. “Greek statistics” my friend…

      • Quite some people I know in Crete work without insurance. Better some money without IKA than nothing at all. So it’s just statistics. The economic crisis seems an excuse for employers to pay late, not to pay at all or pay less than agreed and it’s either take it or leave it as for you they’ll find hunderds of other people that will accept what their bosses do.

      • No, Greece is not allowed to record statistical data like that any more. The LFS is a survey conducted every 3 months, and should include everyone. I understood from the press release that these are LFS data, or did I misunderstand the Greek?