Greek youth unemployment jumps to nearly 60 per cent

Greek unemployment has risen to 27.2 per cent in January from a revised 25.7 per cent in December. In January 2012 it was 21.9 per cent and at what now seems a low 15.1 per cent in January 2011. The number of Greek citizens unemployed or inactive now exceeds those in employment by a million.

Youth unemployment now stands at 59.3 per cent from from 51 per cent in 2012, 37.1 per cent in 2011 and 31 per cent in 2010.

Yet there may be a light at the end of the tunnel writes our Eurozone reporter Tim Wallace:

Europe's most damaged economies are starting to rebalance, new figures showed yesterday, giving leaders hope at last that the tough discipline imposed by the Eurozone is at last starting to improve competitiveness.

Labour costs in Greece have tumbled sharply at last as it goes through its sixth year of recession, Eurostat data revealed.


Hourly labour costs in Greece stood at €14.90 (£12.70) in 2012, down from €16.20 in 2011 and €17.00 in 2010.

(Full article)