Unemployment rate in Greece

The unemployment rate is the share of jobless people in the total labour force. It is the main gauge of Greece's labour market, still scarred by the debt crisis, and of the economy's ability to create jobs. Greece has one of the highest unemployment rates in the euro area.

It is derived from the Labour Force Survey run by the Hellenic Statistical Authority (ELSTAT) among a sample of households, using ILO criteria: a person is unemployed if they are without work, available to work and actively seeking a job.

Its path reflects the momentum of the Greek economy and the progress of its recovery after the bailout. Falling unemployment boosts consumption and household income and is a key input for ECB policy, since Greece belongs to the euro area.

It is worth distinguishing whether the rate moves because of shifts in labour demand or in the labour force, including emigration. Survey data are subject to sampling error and revision, and high structural and long-term unemployment colours its interpretation.