Greece’s jobless rate hits 22.6% on eve of election

Greek unemployment hit a record high in the first quarter the year, according to figures released yesterday, just days before the country goes to the polls.

The jobless rate hit 22.6 per cent in the first three months of 2012, double the eurozone average – reflecting the deep economic malaise that forced many voters to reject austerity in an inconclusive election last month.

The figures will provide ammunition to politicians campaigning against the bail-out terms imposed on the country by the IMF, the EU and European Central Bank.

The last published surveys showed the conservative New Democracy party, which backs the €130 billion (£106bn) bail-out, running neck-and-neck with Syriza, which wants to cancel the rescue deal.

The statistics service said the number officially unemployed reached 1.12 million in the first quarter, up 57.3 per cent year-on-year, feeding public discontent and hurting consumer confidence ever more.

“Employment is still shrinking rapidly in construction and manufacturing. Even the more resilient sectors like wholesale, retail trade and tourism are taking a hit,” said National Bank economist Nikos Magginas.

In the year to the end of March, construction jobs fell 18 per cent, while those in the manufacturing sector dropped 15 per cent. Tourism, which accounts for about one in five jobs, is expected to be weak this year.