Greek Unemployment Drops to 26.7% but 1.3 Million Still Out of Work

Greek's labour market showed signs of recovery after the embattled country's unemployment rate dropped to 26.7% in January.

According to National Statistical Service of Greece (Elstat), the country's jobless rate fell from 27.2% in December.

But the Hellenic Republic's unemployment levels are still far higher than other nations across the Eurozone – with an average jobless rate of 11.9% in February.

The research body also revealed that there were more than 3.6 million people in work in Greece in January.

The country, which has undergone a series of austerity measures, had an out of work population of 1.3 million people.

The study also found that Greece's youth unemployment rate has remained worryingly high at 56.8%, but fell from 60.4% in 2013.

The figure is a big difference to the UK's youth unemployment rate of 19.8%.