Jobless rate climbs to 18.2 percent

More than 300,000 jobs were lost in Greece from October 2010 to October 2011, according to official figures published on Thursday by the Hellenic Statistical Authority (ELSTAT). ELSTAT’s monthly labor survey showed the unemployment rate climbed to 18.2 percent of the economically active population last October, from 13.5 percent in October 2010 and 17.5 percent in September 2011. The total number of those out of work came to 903,525 as the number of jobs shrank by 7 percent within one year. The situation is particularly dire among young people as 45.5 percent of the work force aged between 15 and 24 were without a job in October.

Meanwhile, budget data for December announced on Thursday by the Finance Ministry showed an unprecedented contraction in public expenditure that has counterbalanced the lagging revenues as the deficit stood at 21.6 billion euros against a revised target of 21.7 billion. However, the final deficit figures will not be known before February, when the financial year ends.


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