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Real jobless rate in Greece stands at 27.5%, says GSEE report

The projection for Greek economy dire for upcoming years

According to data published by the Employment Institute of the General Confederation of Greek Workers (INE GSEE), 27.5% of Greeks are affected from unemployment, compared to the official statistics of 21% given by the Hellenic Statistical Authority (ELSTAT). The real unemployment is over 27% if the gray area of the semi-employment is included, while the jobless rate is projected to drop below pre-crisis levels after 2026. The bleak forecasts were published today in rea port by the GSEE Institute for the Greek economy in 2018.

The data of the report also revealed that the country’s GDP had remained stagnant since 2013 onwards, unlike Cyprus and Portugal where it had registered an increase.
ING GSEE Director George Argitis stressed that part-time employment amounted to 54.9% from 21% in 2009 and was an “austerity mechanism” for the workers. This means that as wages are reduced by 50%, the purchasing power is also dragged down. The report concludes that Greece’s economy will remain mired in uncertainty and fragility over the coming years due to fiscal commitments and marginal growth rates in exports combined with the continuing decline in disposable income.