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Unemployment in Greece falls to 17.6% for first time in 8 years

For the first time in eight years, unemployment in Greece feel to 17.6 percent in April 2019. The Hellenic Statistical Authority (ELSTAT) announces the seasonally adjusted unemployment rate for April2019.  The seasonally adjusted unemployment rate in April2019 was 17.6% compared to 19.8% in April2018and the upward revised 18.2% in March2019.

The number of employed in April 2019 amounted to 3,891,618persons. The number of unemployed amounted to 833,858 while the number of inactive to 3,215,369.

The number of employed persons increased by 74,993 persons compared with April2018(a 2.0% rate of increase) and by 26,926 persons compared with March2019(a 0.7% rate of increase).

The number of unemployed persons decreased by 107,290 persons compared with April2018(a 11.4% rate of decrease) and by 26,925 persons compared with March2019(a 3.1% rate of decrease).

The number of inactive persons,i.e.,persons that neither work nor look for a job, decreased by 10,218 persons compared with April2018(a 0.3% rate of decrease) and decreased by 3,606 persons compared with March2019(a 0.1% rate of decrease).

Seasonal adjustment is a statistical technique that removes the seasonal component of a time series, making more visible the underlying trend in the change of a characteristic. Users should take into account the fact that seasonal adjustment procedure requires data for many months in order to remove the seasonal component from a time series. As a result, several “observations” (that is a sufficient number of monthly results) are necessary so that the time series reflect a significant change in the trend of employment and unemployment.

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