Greece's unemployment rate hits 11-year high

19:19, September 17, 2010      

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Greece's unemployment rose to 11.8 percent in the second quarter of this year from 11.7 percent the previous quarter, hitting an 11-year high, the National Statistical Authority said Friday.

The number of jobless stood at 594,032 during April-June, also a year-on-year increase of 34.2 percent, compared with 8.9 percent a year earlier.

Labor union representatives voiced fears that the figures would deteriorate further before they could improve. EU experts predict that unemployment in Greece would rise to 11.8 percent by the end of this year and exceed 13 percent next year.

According to the annual report of the Labor Institute of the General Confederation of Greek Workers (GSEE), more than 175,000 more jobs could be lost in Greece by 2012, pushing the total number of unemployed to approximately one million, or 20 percent of the workforce.

Due to the government's austerity policies including cutbacks on salaries and tax hikes, low and medium income employees and pensioners will face a 30 percent decline in their incomes, GSEE analysts said.

Source: Xinhua

(Editor:李牧(实习))

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