Greek unemployment at 24.6% in September

DEC 10, 20156:26 PM

[ATHENS] Greece's jobless rate inched down to 24.6 per cent in September from an upwardly revised 24.7 per cent in the previous month, statistics agency ELSTAT said on Thursday.

The reading in September, based on seasonally adjusted data, was the lowest since June 2012 when unemployment stood at 24.9 per cent. The jobless rate hit a record high of 27.9 per cent 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 euro zone's average of 10.8 percent in September.

Greece's economy contracted by 0.9 per cent in the third quarter as capital controls to shore up banks weighed down on investment, exports and consumer spending.

The economy is expected to shrink by 0.7 per cent in 2016.

REUTERS