Unemployment

Official data demonstrate a murky landscape for employment in the tourism and food service industry, according to which as the number of workers increases, so do the vacancies, while unemployment benefits cost the state more than social security does for the businesses involved, pointing to widespread insurance violations.

In May, the unemployment rate in the Eurozone held steady at a historic low of 6.4%, marking the second consecutive month at this level, according to data from Eurostat, the EU's official statistics agency. This rate is the lowest recorded in the Eurozone since 1998, just before the introduction of the euro in January 1999.

The seasonally adjusted unemployment rate in Greece in May was 10.6%, compared to the upwardly revised 11.2% in May 2023 and the downwardly revised 10.7% in April 2024.

The number of unemployed persons amounted to 504,924, reduced by 21,707 persons compared with May 2023 (-4.1%) and by 11,472 persons compared with April 2024 (-2.2%).

The stagnation of salaries observed at the relatively higher levels, in contrast to hikes in the basic salary, is highlighted by the Bank of Greece as a point of concern in the Monetary Policy Report to be presented next Wednesday by Governor Yannis Stournaras.

Niki Kerameus officially took on her role as the new minister of labor and social affairs on Friday afternoon.

Kerameus noted that the ministry will continue to invest in the country's valuable human resources.

She highlighted that there has been a significant reduction in unemployment over the past five years, with more than 400,000 new jobs created.

The Greek labor market is showing an explosive mixture of relatively high unemployment - which despite the increase in employment remains significantly above 10% - and thousands of vacant positions.

The industry in Bulgaria is feeling the effects of the declining European economy, with reports indicating a contraction in various sectors. In April, calendar-adjusted data showed a 0.3% decrease compared to the previous year.

Türkiye's industrial production declined on an annual basis, but the unemployment rate dropped in April, separate data have shown.

The country's industrial output fell 0.7 percent in April from a year ago after rising 4.6 percent year-on-year in the previous month, the Turkish Statistical Institute (TÜİK) said on June 10.

The Public Employment Service (DYPA) on Friday launched the process of submitting business participation applications for a vocational rehabilitation program for 25,000 young people aged up to 29, who are out of education, employment and training.

Greece's unemployment rate for the first quarter of 2024 stood at 12.1% compared to 10.5% in the previous quarter and 11.8% in the corresponding quarter of the previous year.

The number of unemployed persons amounted to 574,130, recording an increase by 17.5% compared to the previous quarter and an increase by 4.3% compared to the same quarter of the previous year.