In the third quarter, the unemployment rate rose to 25.0%, which was up from the 24.6% rate recorded in the second quarter. At the current level, the unemployment rate is well above the 21.5% registered in the same period last year and marks, in fact, a new record in the country's history. In absolute terms, the number of unemployed reached 5.78 million, up from the 5.69 million recorded in the second quarter. According to the survey, the economy lost 96,900 jobs in the third quarter, driven by declines in construction (-56,100), services (-32,700) and agriculture (-11,900). Only the industrial sector recorded gains in employment over the previous quarter, adding 3,700 jobs. Rampant unemployment will continue to hamper private consumption in the near future and puts additional pressure on the already strained government's fiscal position, as unemployment benefits payments increase.
Unemployment hits record 25%
October 26, 2012
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Spain Unemployment Chart
Note: Quarterly unemployment rate as % of active population.
Source: National Statistical Insitute (INE).
Spain Economic News
October 7, 2016
In August, industrial production expanded 4.0% from the same month last year in working-day adjusted terms.
October 5, 2016
The Markit Purchasing Managers’ Index (PMI) Composite Output Index came in at 54.1 in September, which was slightly below August’s 54.8 reading.
September 30, 2016
Spain’s current account balance incurred a surplus of EUR 3.0 billion in July, which was above the EUR 2.7 billion surplus recorded in the same month of last year and marked the highest reading since December 2014.
September 29, 2016
In August, retail sales rose 4.9% over the same month last year as the discount season drew to an end.
September 29, 2016
In July, the Spanish Board of Architects (Colegio de Arquitectos Técnicos) granted 6,267 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento).