Greek Unemployment Decreased Slightly in May

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(Greece) – According to the Hellenic Statistical Authority, or ELSTAT, the unemployment rate in Greece has decreased for for the second consecutive month in May of 2016. In march, the unemployment rate was set at 25.7%. New figures released on Thursday indicate that the unemployment in May was 24.1% and in April of 2016, the unemployment was 24.2%. Since February of 2016, there are 4606 fewer people who are unemployment. Since March of 2015, the number of jobless people declined by 68,045 since March of 2015. The youth unemployment rate, which includes people aged 15 to 24, is at 50.4%. Last year, the rate was 52.1%.

Some believe that this slight decrease shows that the economy is improving. However, many people acknowledge that Greece has a ways to go before the economy enters into a period of growth once again. A recent study published on, an employment search engine in Greece, released some figures of their own. The search engine, in collaboration with the Human Resources Workshop of the Marketing and Communication Department of the Economic University of Athens, shows that the young segment of Greece’s working population is experiencing high unemployment rates and low wages. According to the study, 45.6% of people aged 18-35 are making less than 500 euros a month. The study also found that 52% of people aged 18-29 who participated in the study are unemployed. The study was based on a survey give to 5,208 people who are within that demographic.

Greece is poised to receive its third round of bailout funds in order to help them make loan payments to the International Monetary Fund and European Bank that are coming due in June. The first bailout took place in 2010. Greece has complied with all the austerity measures required by the international creditors before the bailout funds could be released. Recently, Greece entered into a privatization deal of the abandoned Elliniko Airport in Athens, which was one of the conditions for this most recent bailout.

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