In the first quarter, the unemployment rate rose to 21.3% (4.9 million people), which was broadly in line with the government's expectation of less than 5.0 million unemployed. The reading was up from 20.3% recorded in the fourth quarter of 2010 and represents the highest level since the first quarter of 1997. In the first quarter of 2011, the economy lost 213,500 jobs, as higher taxes and cuts to government spending dented job creation efforts. Job losses in both the services and industrial sectors drove the level of unemployment higher. Against this backdrop, the government is cracking down on the underground labour market, offering incentives to employers who declare unregistered employees, and at the same time strengthening sanctions against those working illegally while receiving unemployment benefits. In the latest government projections from April, the cabinet raised its annual average unemployment forecast from 19.3% to 19.8% this year and from 17.5% to 18.5% for 2012.
Unemployment hits 14-year high
April 29, 2011
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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).