World News

Friday 1 August 2014

Greek unemployment rate hits 27.5%

Published 13/03/2014|11:47

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Protests in Greece against austerity measures have been frequent. Photo: (AP)

The unemployment rate in Greece increased to 27.5% in the fourth quarter of 2013 as the economy struggled to emerge from a protracted recession, figures show.

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The data from the country's statistics agency shows the jobless rate increasing from 27% in the third quarter of 2013 and from 26% in the same three months of 2012.

The figure means there are now 1.36 million people out of work in a country with a population of about 10 million.

Young people are the most affected, with 57% of those aged 15-24 now unemployed.

Greece has been badly hit by a financial crisis since late 2009 and now depends on rescue loans from the International Monetary Fund and other European countries. In return, it has had to impose deep spending cuts and tax increases.

Press Association

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