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Greek unemployment drops to 25.6% in April

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Greece's jobless rate fell to 25.6 per cent in April from an upwardly revised 25.8 per cent rate in the previous month, statistics agency ELSTAT said on Thursday.

[ATHENS] Greece's jobless rate fell to 25.6 per cent in April from an upwardly revised 25.8 per cent rate in the previous month, statistics agency ELSTAT said on Thursday.

The reading in April, based on seasonally adjusted data, was the lowest since July 2012 when unemployment stood at 25.3 per cent. The jobless rate hit a record high of 27.9 per cent in September 2013.

Unemployment has come down from record highs as the economy stabilised last year after a severe slump, but remains more than double the euro zone's average of 11.1 per cent in April.

Greece's economy contracted by 0.2 per cent in the first quarter, dipping back into recession after a fragile recovery last year.

sentifi.com

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It was expected to expand by only 0.5 per cent this year based on the latest EU Commission forecasts but the imposition of capital controls and the shuttering of banks is already exerting a marked slowdown in economic activity.

REUTERS

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