Greece has witnessed a positive shift in its labor market as its unemployment rate drops to 10.8% in May, according to data released by the Hellenic Statistical Authority on Friday. This decline aligns with the ongoing trend of decreasing unemployment in Greece over the past few years, providing hope for many Greeks who vividly recall the high joblessness that plagued the country during the financial crisis.

Data collected from 2011 to 2021 reveals that the majority of Greek workers are employed in the agriculture, industry, and service sectors. The recent statistics from the Hellenic Statistical Authority indicate a decrease in the seasonally adjusted unemployment rate, falling from 11.3% in April to 10.8% in May.

In May, the number of unemployed individuals decreased by 23,861 compared to the previous month, while employment witnessed an increase of 45,901, reaching a total of 4.18 million. In the same period of the previous year, the unemployment rate stood at 12.7%.

Women continue to face higher unemployment rates compared to men, with rates of 14.4% and 7.9%, respectively. Notably, there has been a significant reduction in unemployment among young individuals aged 15 to 24, dropping from 32.7% in the corresponding month of the previous year to 24% in May.

These latest figures from the Hellenic Statistical Authority reinforce the broader trend of declining unemployment in Greece. In 2019, a report revealed that unemployment had fallen to 16.9% during the second quarter, marking the lowest level since 2011. Subsequent data released in early 2020 showed a further decline to 16.5% in November 2019.

Moreover, the unemployment rate fell even further to 12.8% in December 2021, as indicated by data from the Hellenic Statistical Authority in February 2022. This marked a significant decrease from the rates of 13.4% in December 2020 and 15.5% in November 2020.

The current unemployment rate of 10.8% represents a considerable drop from the figure reported in December 2021, which was 12.4%. Insights from Statista reveal the distribution of the Greek workforce across key sectors of the economy. In 2021, 73.37% of the workforce was employed in services, 15.28% in industry, and 11.36% in agriculture.

The positive trend in the labor market is complemented by projections for the Greek economy’s growth. The Bank of Greece anticipates a 2.2% expansion in 2023, with an expected inflation rate of 4.4%. Furthermore, the state budget is projected to record a primary surplus of 0.7%. These promising economic indicators contribute to Greece’s path of recovery and stability.