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ELSTAT Confirms Unemployment Rate Decrease

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The Hellenic unemployment rate decreased in February, marking the lowest statistic in over a year, as revealed by today's ELSTAT data.

The rate has been decreasing steadily over the past five months, reaching 26.5% compared to 26.6% in January.  As reported in Kathimerini, National Bank economist Nikos Magginas described, "The reading confirms the stabilizing trend in unemployment and that the peak that was seen in the third quarter of 2013 is most likely behind us". The NBG economist added that the unemployment rate is beginning to trail other major financial indexes, including economic sentiment and manufacturing enterprises.

However, the nation's unemployment rate still remains over twice the average of the Eurozone, that held a 11.8% rate in February. Greece's percentage is over three times what it was in 2008, before the start of the financial crisis. Athens and its global creditors predict that the economy will surpass the recession and enlarge by 0.6% this year.

Greek citizens who suffered the most regarding employment, were in the 15 to 24 age bracket, with a 56.9% unemployment rate in February, in comparison to 23% when the the financial situation initially hit. Currently there are 1.3 million individuals that are without jobs in Greece.