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Economy

Greek Unemployment at 25.2%, Among Young 48.3%

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By Douglas A. McIntyre Published
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As Greece tries to pay its massive debts and struggles with gross domestic product (GDP) contraction, employment continues to be a huge barrier to recovery. Elstat, the Greek economic agency, reported unemployment was 25.2% in June. Among people aged 15 to 24, the figure was 48.3%. No recovery can take hold with such horrible headwinds.

According to the agency:

The seasonally adjusted unemployment rate in June 2015 was 25.2% compared to 26.6% in June 2014 and 25.0% in May 2015. The number of employed amounted to 3,584,973 persons. The number of unemployed amounted to 1,204,844 while the number of inactive to 3,298,166.

Also:

Inactive persons –that is, persons that neither worked neither looked for a job– decreased by 7.806 persons (a 0.2% rate of decrease) compared with June 2014 and increased by 41,158 persons compared with May 2015 (a 1.3% rate of increase).

The “inactive” number may say more about Greece’s labor problems than the core unemployment rate.

Greece has problems with the amount of taxes paid by its citizens. Part of that is unemployment, and another part cheating. Based on recent history, the country has been unable to do much about either. Even if the collection process can be improved, the solution to the jobs problem remains elusive.

ALSO READ: 11 Jobs Paying Americans Over $100,000

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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