Un­em­ploy­ment rate stag­nant in De­cem­ber

Kathimerini English - - Focus -

Greece’s job­less rate stood at 23.1 per­cent in De­cem­ber, un­changed from an up­wardly re­vised read­ing in the pre­vi­ous month, sta­tis­tics agency EL­STAT said yes­ter­day. The num­ber of of­fi­cially un­em­ployed reached 1.1 mil­lion peo­ple. Hard­est hit were young peo­ple aged 15 to 24 years, with their job­less rate dropping to 45.2 per­cent from 50.1 per­cent in the same month a year ear­lier. The read­ing in De­cem­ber, based on sea­son­ally ad­justed data, was the low­est since March 2012, when un­em­ploy­ment stood at sim­i­lar lev­els. The job­less rate hit a record high of 27.9 per­cent in Septem­ber 2013. Greece’s job­less rate has come down from record highs but re­mained more than dou­ble the eu­ro­zone’s av­er­age of 9.6 per­cent in Jan­uary. The coun­try’s econ­omy con­tracted in the fi­nal quar­ter of 2016, per­form­ing worse than pro­jected. The govern­ment ex­pects the job­less rate to drop to 22.6 per­cent this year, based on its 2017 bud­get which sees an ex­pan­sion of 2.7 per­cent. for re­new­ables, in­clud­ing so­lar, wind, biomass and geo­ther­mal power. The new fa­cil­ity will fi­nance in­vest­ments in elec­tric­ity gen­er­a­tion from re­new­able sources, power dis­tri­bu­tion and trans­mis­sion ca­pac­ity to im­prove ef­fi­ciency and en­able the in­te­gra­tion of re­new­ables into the elec­tric­ity grid.

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