Greek unemployment shoots to 16.2pct in March

Unemployment in Greece shot to 16.2 percent in March, up nearly five percentage points year-on-year over 11.6 percent in March 2010, according to figures released by the independent Hellenic Statistical Authority (ELSTAT) on Wednesday.
According to the Labor Force Survey for March 2011, the unemployment rate in March 2011 was 16.2% compared to 11.6% in March 2010 and 15.9% in February 2011. The number of employed amounted to 4,185,325 persons while the number of unemployed amounted to 811,340 and the number of inactive to 4,335,461.

The number of employed decreased by 238,574 persons compared with March 2010 (a 5.4% rate of decrease) and increased by 7,013 persons compared with February 2011 (a 0.2% rate of increase).

Unemployed increased by 232,617 persons (a 40.2% rate of increase) compared with March 2010 and by 24,111 persons compared with February 2011 (a 3.1% rate of increase).

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