According to an announcement released by the Hellenic Statistical Authority on Thursday, Greek unemployment rate fell to 25.5% in the third quarter of the year, with the number of unemployed people amounting to 1,229,370.

Based on the monthly report of the Greek statistical service, the long-term unemployment rate, that is the percentage of persons that have been looking for a job for 1 year or more, soared to 75.4% of unemployed people. The highest unemployment rate is recorded among young people in the age group of 15-24 years (49.5%) while, for young females, the unemployment rate is 56.6%.

The unemployment rate was 25.5% of the workforce in Q3, from 26.6% in the second quarter and 27.2% in the corresponding period in 2013. More specifically, the number of unemployed people totaled 1,229,370, down 4.0% from the previous quarter and down 6.9% from the corresponding period in 2013. The number of employed people reached 3,586,885 at the end of September, up 1.4% from the previous quarter and up 1.5% from the same period last year.