X-rays reveal a lot

Written by Kostas Stupas

X-rays reveal a lot

While our deficit is showing its teeth, with the current account deficit in the first quarter rising by €255.3 million compared to the first quarter of 2023 and reaching €4.2 billion, employment is showing its best picture in many years.

But the most interesting thing is that the employment numbers, although they show an amazing improvement, on second reading should raise concern.

According to data recorded by the Ergani system of the Ministry of Labor, 132,352 new job opportunities were created in April. This is the best performance since 2001.

The four-month performance (January – April 2024) is also a record, with 188,587 new jobs created. Also interesting is the fact that most of the new jobs involve full-time contracts.

So companies (when they find them) are hiring and the lack of job offers seems to lead to full-time contract hiring. If you ask the market, you will hear that many companies are currently facing a major problem due to staff shortages.

The beginning of the tourist season attracts many workers to the islands, causing many businesses in Athens and mainland Greece to struggle to open.

However, the data published by Erjani form a more general picture of the Greek economy and society.

Of the total number of new jobs created, 73,707 were related to tourist accommodation, 22,314 to catering services, and 8,372 to retail trade, public administration and defence.

By specialty, the lion’s share was for waiters with 28,482 jobs, and cooks and bakers with 20,981 waiters with 15,766 jobs.

Most recruitment was recorded in the southern Aegean with 48,667 recruitment, Crete with 32,495 recruitment, and Ionian with 19,171 recruitment.

The most interesting element from which many conclusions can be drawn concerns age, as the lion’s share of employment is 45,359 years old, and concerns workers aged 45 to 64 years.

The 30-44 age group followed with 40,348 new jobs, while 26,340 and 17,812 new jobs were recorded in the 15-24 and 25-29 year age group, respectively.

The picture of developments in the employment sector reflects the advantages and disadvantages of the Greek economy. Strong demand for tourism product and labor shortage.

The lack of supply of jobs leads to increased wages, which in the long run can harm the tourism product itself as there are neighboring countries with positive demographic indicators that will try to take advantage of this.

The increase in labor costs does not directly improve competitiveness and certainly affects other sectors of the economy such as agricultural and industrial production where international competition already has comparative advantages.

Tourism increases revenues and labor costs, increasing pressure on an already weak manufacturing economy.

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