(Greece) – According to ELSTAT, The Hellenic Statistical Authority, the Greek unemployment rate fell to 23.3% in April 2016. This is the lowest the unemployment rate has been in over a year. This rate is called the “seasonally adjusted jobless rate” and the drop is believed by some to mean that the Greek economy is starting to improve. In April of 2015, the unemployment rate was 25.3%. In March of 2012, the jobless rate was 22.6%.
However, although this could be an indicator that the Greek economy is starting to improve, the fact is that there are still 1.11 million Greeks who don’t have jobs. This statistic also only accounts for people who are actively searching for jobs. There are about 3.26 million people in Greece who are out of work but who aren’t looking for employment. On a year to year basis, the number of people who didn’t have jobs declined by 90.955 people, which is around 7.5%. Meanwhile, the rate of employment increased by about 3% on a year-on-year basis and was up 1.8% from last month.
The percentage of people in the younger demographic who are without jobs, however, is much higher. In fact, this is the age group that has been the hardest hit by the economic situation. Those aged between 15 and 24 years of age had about a 47.4% unemployment rate. However, this unemployment rate is down from the previous year when the rate was 51.7%.
Greece has been in a recession since before the first bailout in 2010. Beginning in 2009, the Greek government started to have trouble managing its massive debt load and eventually, when it became too much, they started to examine their options. The first bailout occurred in 2010, the second in 2015, and the third just got approved a few months ago. The first payment for this third bailout just occurred a few weeks ago. This money is necessary to pay off loans that are coming due.