Greek Unemployment Rate Hits Record Joblessness In May 2013

Newly released figures from the statistics service ELSTAT this Thursday showed that Greek unemployment has reached a record high of 27.6 percent in May, as reported by Reuters. The Greek unemployment rate is now more than double the average in the eurozone, which was 12.1 percent as of June.

Eurostat, the EU’s official statistics database, reported similar findings. Seasonally adjusted unemployment for Greece was at 26.9 percent in June, with Spain following close behind with 26.3 percent. Greek youth unemployment came in at 64.9 percent in May, according to data from the nation’s central bank.

Despite dismal trends, economists predict that a forecasted record tourist season of 17 million visitors in Greece this summer will help mitigate its high unemployment. Tourism is responsible for one out of five jobs in Greece, and accounts for 17 percent of the country’s gross economic output.

The Greek central bank estimates that overall domestic unemployment will peak at 28 percent before it begins declining in 2015.