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Unemployment drops to 7.8 percent year-on-year October 18, 2007

Posted by grhomeboy in Business & Economy.
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Greece’s unemployment rate improved to 7.8 percent in July from 8.1 percent in the same month last year, but remained above the eurozone average, the National Statistics Service (NSS) said yesterday.

Despite strong economic growth at an annual rate of 4.1 percent in the second quarter, Greece’s jobless rate is higher than the 13-member eurozone’s average, 6.9 percent in the same month. The NSS said there were 384,564 officially unemployed in July, while an estimated 4.558 million people had jobs. Greece’s unemployment rate has been steadily declining since 2004 when it was 10.1 percent, the NSS said. The improvement was flagged by the recently re-elected conservative government as proof its economic policies are bearing fruit.

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