Greece Jobless Figure: Youth Employment At 58%

Written By Unknown on Rabu, 03 April 2013 | 00.25

Youth unemployment has nearly hit 60% in Greece, new figures on EU unemployment have revealed.

According to statistical agency Eurostat's latest available figures, the jobless rate for young Greeks hit 58.4% in December.

The figure is expected to worsen before the start of the traditional summer tourist season.

Meanwhile, Eurostat said February unemployment for the under-25s topped 55.7% in Spain, 38.2% in Portugal and 37.8% in Italy.

The EU described the latest level of unemployment across the eurozone, which stood at 12% for February, as "unacceptable".

With more than 19 million people on unemployment benefits, the EU said it was a "tragedy" for Europe.

The figures and a weak manufacturing sector report added to the gloom after data earlier this year had encouraged some hope the European economy might finally have touched bottom.

Analysts suggested the jobless figures are set to worsen, with jobless queues likely to grow as the debt crisis continues to sap the economy.

"Such unacceptably high levels of unemployment are a tragedy for Europe," a spokeswoman for EU Employment Commissioner Laszlo Andor said.

"The EU has to mobilise all available resources to create jobs ... young people in particular need help," she added.

Eurostat said unemployment in the 17-nation eurozone at 12% was unchanged from January when the figure was initially given as 11.9%.

In the full 27-member EU, unemployment in February rose to 10.9% from 10.8%, with a total of 26.34 million out of work.

Some 33,000 joined the jobless queues in the eurozone and 76,000 in the EU over the month of February, Eurostat added.

Compared to a year earlier, the increase in registered unemployment was 1.78 million in the eurozone and 1.81 million in the EU.

The highest general unemployment rates in February were found in Spain, with 26.3%, and Portugal at 17.5%.

Greece's was put at 26.4% but the figure is, like that for youth unemployment, for December.

The lowest rates for other states reporting February results were 4.8% in Austria and 5.4% in Germany, Europe's biggest economy.

Across the EU, youth unemployment remains a huge cause of concern, Eurostat said, as the jobless rate average for under-25s sits at 23.9% in the eurozone and 23.5% across the EU.


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