by Zsolt Darvas
June 14, 2017
The Greek economy has suffered greatly since the 2008 crisis, but one bright spot in the Greek economy is the rebound of the labour market. This resurgence is touching many sectors.
Although employment in Greece shrunk by an astonishing 19 percent from late 2008 to early 2014, employment figures now show signs of recovery.
Figure 1 below shows the number of persons employed relative to the first quarter of 2014. Employment started to expand in 2014, with a short-lived setback in the first quarter of 2015, when the Syriza government came to power and discussions with official creditors stalled. However, since the second quarter of 2015, employment has been expanding again in many sectors of the economy.
The largest sector – trade, transport and tourism – recorded 7.5% more employees in the first quarter of 2017 than three years earlier. This is a remarkably positive development. Industry, professional services, and information and communication services also recorded substantial job gains.