ATHENS, March 4 (Xinhua) -- Greece's unemployment rate fell to 8.7 percent in January, marking its lowest level since December 2008, the Hellenic Statistical Authority (ELSTAT) reported on Tuesday.

The jobless rate stood at 11.7 percent in January 2024 and 9.3 percent in December 2024, reflecting a steady decline.

The positive trend was driven by rising employment, with the total workforce reaching 4,288,284, a 1.5 percent year-on-year rise and a 0.2 percent monthly increase. Meanwhile, the number of unemployed individuals fell sharply to 408,181, representing a 26.8 percent annual decline and a 6.6 percent drop from December 2024.

"The remarkable progress was the result of targeted policies that boost growth and investment, creating more and more well-paid jobs," Greek Prime Minister Kyriakos Mitsotakis said, emphasizing the government's commitment to sustaining this trajectory.

Despite the overall improvement, youth unemployment remains a challenge. The jobless rate among those aged 15-24 stood at 19.5 percent - an improvement from 23.2 percent in 2024 but still more than double the national average. In contrast, unemployment among those aged 25-74 fell to 8.1 percent, reflecting greater job stability for older workers.

Regional disparities persist with Attica, the country's economic hub, recording one of the lowest jobless rates at 7.5 percent, while Crete posted a relatively low 6.8 percent.

The gender gap in employment also remains evident. The jobless rate for women stood at 10.9 percent, compared to 7 percent for men.

During Greece's debt crisis (2009-2018), which pushed the country to the brink of bankruptcy, unemployment skyrocketed to 27.4 percent between 2012 and 2014. Since then, the rate has gradually declined as Greece returned to growth following the implementation of austerity measures and structural reforms tied to three international bailout programs. Enditem

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