Greek unemployment drops to 25 percent in May

Greece’s jobless rate fell to 25 percent in May from 25.6 percent rate in the previous month, statistics agency ELSTAT said on Thursday.

The reading in May, based on seasonally adjusted data, was the lowest since June 2012 when unemployment stood at 24.9 percent. The jobless rate hit a record high of 27.9 percent in September 2013.

Unemployment has come down from record highs as the economy stabilised last year after a severe slump, but remains more than double the eurozone’s average of 11.1 percent in May.

Greece’s economy contracted by 0.2 percent in the first quarter, dipping back into recession after a fragile recovery last year.

It was expected to expand by only 0.5 percent this year but the imposition of capital controls is already exerting a marked slowdown in economic activity.

Reuters

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