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.
Author: Dirina Mançellari, Senior Economist