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Unemployment in Greece biggest increase than 2011-2013, warns Enterprises Federation

Unemployment rate in Greece is expected to record the biggest increase in a decade, surpassing the period 2011-2013, despite the fact that government measures managed to contain job losses, the Federation of Hellenic Enterprises (SEV) said in a report released on Monday.

Worth recalling that unemployment during the Greek economic crisis recorded an increase of 40% in 2011 reaching 17.9%,, 36.83% in 2012 (24.4%) and 12.49% in 2013 (27.5%)

The SEV report on employment, based on official data, said that the balance of job flows in March fell to its maximum negative level since 2001 (-41,903 job positions), a figure worse than the one from the 2011-2013 period when the collapse of the Greek economy was at its peak.

New hiring fell 49% in March compared with the same month last year (103,002 from 202,157), while dismissals fell 8.7% to 144,905 from 158,784.

The Federation noted that March signals the start of the tourism season, with the creation of a large number of seasonal job positions, adding that this year’s coronavirus-related developments would significantly burden unemployment.

Enterprises in the industrial sector, manufacturing, technology and other sectors of high and medium added value maintained their workforce helped by the introduction of a package of economic support measures by the government.

SEV noted that two sectors recorded a positive balance of labor flows: public administration and defense (+1,115 job positions) and human health (+393).

The Federation recommended the adoption of a preemptive, flexible and comprehensive strategy for employment and linking it with measures to restart the economy.

Greece is trying to slowly return to normalcy after thousands of businesses were shut down due to the pandemic. However, the country’s “heavy industry” is hardly expected to recover this summer.

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