Female employment growth in Greece in 2023 is twice the average

The upward trend in employment continued in 2023, the third year in a row, following a decline recorded in 2020 due to the pandemic crisis, ICAP reported in its study. A larger increase was recorded in women, twice the average.

In 2022, employment increased significantly, by 5.4% compared to 2021, finally leaving behind the consequences of restrictive measures of the previous two years (2020-2021). As for 2023, employment continued to grow, but at a clearly lower rate (1.3%).

As can be seen from the quarterly reports of ELSTAT (Greek Statistical Office), in the 4th quarter of 2023, employment recorded an increase of 1.2% year on year (compared to the 4th quarter of 2022). Whereas, compared to the previous quarter, the number of employed people decreased by 1.7% (due to seasonal employment, for example, in the tourism sector).

The number of employed people at the end of 2023 amounted to 4183.1 thousand people. Regarding the composition of the labor force, the number of workers employed in the 4th quarter of 2023 corresponds to 46.3% of the working age population. As of end 2023 men made up 56.6% of the total workforce and women 43.4%. At the same time, employees make up 68.6% of all employees, self-employed 27.8%, and the remaining share falls on members of the family business (as support staff).

As for changes based on the gender of employees, it is noted that employment growth among women recorded in all four quarters of 2023 (compared to the corresponding quarters of 2022) with an average of 2.7%.

Growth rate of employed men were significantly lower between 2022 and 2023, with Q4 2023 actually showing a decline compared to the corresponding quarter in 2022.

Also from the ELSTAT survey it follows that underemployment covered 7.5% of the total in the 4th quarter of 2023, compared to 8.1% in the 4th quarter of 2022, 9.1% in the 4th quarter 2021 and 7.8% in 2020

At the same time, if we focus only on new employees (according to the ERGANI information system), it turns out that in 2023, 48.6% of new employees work on part-time contracts, and full-time employees account for 0.4% of the total, ICAP notes in its report.

In terms of employment changes at the sectoral level, the most significant growth during the year (2023) is represented by selected tertiary sector industries. According to data for the entire year 2023, a sharper decline was recorded in the sector “Wholesale and retail trade, repair of vehicles and motorcycles” (by 22.5 thousand people). If we exclude the first quarter from the 2023 average, then there is a decrease in employment in the sector in question by 12.3 thousand people (the next three quarters). At the same time, a significant decrease was recorded in “Education” (by 14.8 thousand people), as well as in “Arts, leisure and entertainment” (-11.5 thousand people).

Significant employment growth recorded in the sector “Healthcare and social activities” (+21.6 thousand people on average for 2023), in “Transportation and storage” (+20.2 thousand people), as well as in “Construction” (+17 ,2 thousand people). According to the information, significant employment growth in previous years (before the pandemic) was demonstrated by the Accommodation and Food Services sector. In this sector recorded one of the highest growth rates since 2014, and this fact is also associated with an impressive increase in the tourist flow to our country until 2019.

The Organization for Economic Co-operation and Development (OECD), in its latest article (November 2023) on forecasts for the Greek economy in 2024, estimates that unemployment (as a percentage of the labor force) will further decline to 10.0%. The data is based on the improvement of the business climate in the country, as well as the allocation of resources from the Greek Recovery and Resilience Fund 2.0 (Ταµείο Ανάκαµψης και Ανθεκτικότητας Ελλάδα 2.0), developments that are crucial for investment and therefore for labor market.

However, the final unemployment rate in 2024 will be determined in the coming months and will depend largely on the further de-escalation of inflation pressures and the prevention of emergency situations.

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