In the first quarter, the unemployment rate rose to 24.4% (5.64 million people), which was up from the 22.9% rate recorded in the fourth quarter. At the current level, the unemployment rate remains well above the 21.3% registered in the same period the previous year and marks, in fact, its highest level since the first quarter of 1994. According to the survey, the economy lost 374,300 jobs in the first quarter, with the largest declines recorded in the services (184,800) and construction sectors (90,200). 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. The government anticipates the unemployment rate to average 24.3% this year and to inch down to 24.2% in 2013.
Unemployment reaches 18-year high
April 27, 2012
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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).