Spain Unemployment Q1 2016

Spain

Spain: Unemployment inches up in Q1

April 28, 2016

The unemployment rate in Q1 edged up from Q4’s 20.9% to 21.0%. The previous quarter’s result represented the lowest rate since Q2 2011. In absolute terms, the number of unemployed totaled 4.79 million people in Q1, which was slightly above the 4.78 million recorded in the previous period.

The largest increase in employment was recorded in the industry sector, which added 18,000 jobs. Conversely, the number of jobs in the services sector (-53,400) and construction (-26,900) deteriorated over the previous quarter. The country’s workforce decreased by 52,700 people in Q1 to 22.8 million. The print followed Q4, when the workforce dropped by 25,800 people.

Despite the improvement, unemployment remains among the highest in the Eurozone and was a key issue in last year’s election campaign, which resulted in a fragmented parliament for the first time in over 30 years.

FocusEconomics Consensus Forecast participants expect unemployment to average 20.4% in 2016, which is down 0.1 percentage points over last month’s projection. For 2017, the panel foresees an unemployment rate of 18.9%.


Author:, Senior Economist

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Spain Unemployment Chart


Spain Unemployment Q1 2016

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


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