Monday, February 13, 2012
Unemployment Rises While Output Falls in Greece
In a recent Wall Street Journal article, Alkman Granitsas discusses Greece’s unemployment rate for November 2011, which was released Thursday. The November unemployment rate was 20.9%, which is up from 18.2% in October 2011. The graph from the article shows the steady climb in Greek unemployment since 2010, when unemployment was below 15%. As the graph also shows, this rise in unemployment has coincided with a fall in industrial output of 7.8% from November to December. Granitsas points to last year’s austerity measures as a likely contributor to the economic slowdown that has resulted in a fifth year of recession for Greece.