Unemployment in Greece reached 27% last November

Unemployment in Greece reached a new record high in November 2012, climbing to 27% from 26.6% in October 2012 and 20.8% in November 2011.

According to figures from the Hellenic Statistical Authority (ELSTAT), the unemployed people reached 1,350,181 increasing by 323,808 compared to November 2011.

The unemployment rate among young people aged 15-24 years jumped to 61.7% from 50.1% in November 2011. Unemployment among those aged 25-34 increased to 36.2% from 28.9%.

The highest unemployment rate is observed in women, as it increased to 31.1% from 24.6 in November 2011. In men, it increased from 18% to 24%.

The economically inactive, i.e. people who are not working or looking for work, decreased by 19,577 compared to November 2011 (-0.6%) and by 2,683 compared with October 2012 (-0.1%).

6% decline for the Greek economy in the fourth quarter of 2012

Meanwhile, according to ELSTAT, the recession of the Greek economy in the fourth quarter of 2012 stood at 6%.

In absolute terms, GDP stood at 40.625 billion euros, while during the entire 2012, it fell to 166.403 billion.

As shown by the figures, during the previous year the decline of the economic activity remained at over 6% in all quarters. During the first quarter the GDP fell by 6.7%, in the second quarter by 6.4% and in the third by 6.7%.