Greece, with more than half of young people of out of work, surpassed Spain in December in having the highest youth jobless rate in the euro area following four years of economic recession.
Greece’s unemployment rate rose to 21 percent from 20.9 percent in November, the Hellenic Statistical Authority said in an e-mailed statement from Athens today. The jobless rate for those between the ages of 15 and 24 increased to 51.1 percent from 48 percent in the previous month, compared with 49.9 percent in Spain in January.
Prime Minister Lucas Papademos said on March 2 that Greece needs measures to immediately boost growth and job creation as the economy buckles under austerity measures linked to the country’s bailouts. The economy shrank 7 percent in the fourth quarter from a year earlier and 6.8 percent in the whole of 2011, a fourth year of contraction.
Greece’s female jobless rate increased to 25.3 percent in December from 24.5 percent in the previous month, the statistical authority said.
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