Greece’s unemployment rate fell below 8% for the first time in 17 years in May, marking a significant milestone in the country’s economic recovery. According to data from ELSTAT, the unemployment rate stood at 7.9%, the lowest since November 2008 and another sign that the labor market is stabilizing at pre-crisis levels after a strong rebound post-pandemic.
Notably, female unemployment dropped to single digits for the first time in at least two decades, reaching 9.8%. This represents remarkable progress compared to May 2015, when the rate was as high as 28.2%, and even May 2010, where it stood at 15.7%. Back in 2005, during a period of rapid growth, the female unemployment rate was recorded at 15.6%.
Youth unemployment also saw a sharp decline, falling below 20%—a dramatic improvement compared to nearly 52% a decade ago and almost 32% in 2010 at the onset of the financial crisis.
Government officials highlighted that this reduction in unemployment reflects real-life improvements for individuals who have found jobs, a core objective of the Mitsotakis administration since 2019. They emphasized that job creation alone isn’t enough; wages must rise sufficiently to support workers’ living standards.
The drop in unemployment has increased workers’ bargaining power in seeking employment and better pay. Officials reiterated the government’s long-term goal: to create quality, well-paid jobs across all sectors, including those requiring high specialization.
In line with the broader strengthening of the labor market, the number of unemployed individuals in May continued its steady decline over the past four years, now estimated at 370,000—the lowest since May 2008. Meanwhile, the number of employed people surpassed 4.34 million, the highest level since mid-2010, signaling a sustained recovery in the labor market since the debt crisis.