Spain Unemployment Q3 2016

Spain

Spain: Spain's unemployment in Q3 eases to lowest rate in over six years

Unemployment in Spain fell to 18.9% in the third quarter, which beat both the 20.0% figure recorded in the previous quarter and the 19.3% reading the market had expected. The unemployment rate has not been this low since Q4 2009. In absolute terms, the number of unemployed totaled 4.32 million people in Q3, which was below the 4.48 million recorded in the previous quarter. Despite the improvement, unemployment remains among the highest in the Eurozone.

The largest increase in employment was recorded in the service sector, which added 178,700 jobs. Employment also improved in industry (+34,200 jobs) and in the construction sector (+29,900 jobs). The country’s workforce decreased by 27,300 people in Q3 to 22.8 million. The print contrasted Q2’s figure, when the workforce rose by 54,700 people.

FocusEconomics Consensus Forecast participants expect unemployment to average 19.9% in 2016, which is down 0.1 percentage points from last month’s projection. For 2017, the panel foresees an unemployment rate of 18.6%, which is also down 0.1 percentage points from last month’s estimate.


Author:, Economist

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Spain Unemployment Chart


Spain Unemployment Q3 2016 0

Note: Total workforce in thousands and unemployment rate as % of active population.
Source: National Statistical Institute (INE).


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