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The Brief: Unemployment rate in Greece drops to lowest level since 2011

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The Brief: Unemployment rate in Greece drops to lowest level since 2011
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The unemployment rate in Greece has dropped to its lowest level since May 2011, a sign that the country's troubled economy is recovering and showing modest growth.

The unemployment rate in September 2013, when was at 27.8%, so the latest improvement is significant.

Yet, Greece's rate is still over twice the average for European Union nations and the Eurozone.

Unemployment in the Euro area is at 7.5% and 6.3% in the European Union.

In the same period, unemployment in Greece stood at 17.2% — a 2% improvement since last year.

Youth unemployment in Greece in May fell to its lowest level since the beginning of the Greek government-debt crisis but more than a third of young Greeks do not have a job.

This being said, while youth unemployment remains high at 33,8%, saw an improvement on last year of over 5%.

More than 400,000 skilled young Greeks have moved abroad to work, in search of a better salary.