Spain: Unemployment in Spain falls to an over seven-year low in Q4 2016
January 26, 2017
Unemployment in Spain fell to 18.6% in the fourth quarter, which beat both the 18.9% figure recorded in the previous quarter and the 18.7% reading the market had expected. The unemployment rate has not been this low since September 2009. In absolute terms, the number of unemployed totaled 4.23 million people in Q4, which was below the 4.32 million recorded in the previous quarter. Despite the improvement, unemployment remains the second highest in the Eurozone.
The largest increase in employment was recorded in the agricultural sector, which added 72,900 jobs. Employment also improved in industry (+47,800 jobs), but decreased both in the services (-112,300 jobs) and in the construction sector (-27,800 jobs). The country’s workforce decreased by 102,400 people in Q4 to 22.7 million. The reading was greater than Q3’s figure, when the workforce shrank by 27,400 people.
Author: David Ampudia, Economist