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Greece’s Youth still champion in unemployment at 38.5% rate

German Chancellor Angela Merkel came for a two-day visit in Athens, just as the Greek Statistics Authority published the latest data on unemployment. Unemployment rate in October 2018 was 18.6 percent.

“Great!” Merkel may have thought as she stepped Greek soil. “A year before, in October 2017, the rate was at 21 percent.”

What Merkel will most probably miss in this news is that almost 900,000 Greeks are unemployed and that youth up to 24-year-old are champions in unemployment at a rate of 38.5%.

The seasonally adjusted unemployment rate in October 2018 was 18.6 pct compared to 21.0 pct in October 2017 and 18.6 pct in September 2018, the Hellenic Statistical Authority (ELSTAT) said.

The number of employed in October 2018 amounted to 3,843,979 persons. The number of unemployed amounted to 875,997 while the number of inactive to 3,243,079.

The number of employed persons increased by 78,040 persons compared with October 2017 (a 2.1 pct rate of increase) and decreased by 30,283 persons compared with September 2018 (a 0.8 pct rate of decrease).

The number of unemployed persons decreased by 122,090 persons compared with October 2017 (a 12.2 pct rate of decrease) and by 11,374 persons compared with September 2018 (a 1.3 pct rate of decrease).

The number of inactive persons, i.e., persons that neither work nor look for a job, increased by 5,074 persons compared with October 2017 (a 0.2 pct rate of increase) and by 38,414 persons compared with September 2018 (a 1.2 pct rate of increase).

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