Greek unemployment hits four-year low in April

Greece's unemployment rate in April was at its lowest in four years, dropping 2 percentage points year-on-year to 23.3 per cent, the crisis-stricken country's statistics office Elstat said Thursday.

The unemployment rate among young people also dropped from its peak of 59.7 per cent in April 2013, down 47.4 per cent three years later.

The two-month delay in the release of macroeconomic data is due to personnel shortage, as a result of the country's financial crisis and austerity measures, Elstat said. 

Greek economic analysts attributed the drop in unemployment to a well-developing tourist season.

However the report came as two economic institutes released studies predicting that the Greek economy would continue on a negative course as a result of undeclared income.

More than 15 per cent of workers are illegally employed, leaving 25 per cent of income in the country's gross domestic product undeclared, reports from Greece's Foundation for Economic and Industrial Research (IOBE) and the International Labour Organization (ILO) said Wednesday.

At the same time, the country's internal debt - what the government owes domestic creditors - rose to 5.5 billion euros (6.1 billion dollars), the Finance Ministry said Thursday.

The majority of government debt is owed to pension and healthcare funds and suppliers.

Due to payment backlogs, some patients in Athens have been forced to buy their own materials for casts, with hospitals running out of supplies and suppliers are refusing to deliver.

Last update: Thu, 07/07/2016 - 15:00
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