Spain Unemployment Q2 2021


Spain: Unemployment rate falls in Q2

July 29, 2021

The jobless rate fell from 16.0% in Q1 to 15.3% in the second quarter, amid easing restrictions and an acceleration in the vaccination campaign. The figure came above market analysts’ expectations of a 15.1% unemployment rate, and was marred by an increase in labor force. In absolute terms, the number of unemployed workers stood at 3.54 million in Q2, down from Q1’s 3.65 million. That said, the print still partly masks the full extent of the crisis by not counting those under temporary furlough schemes as effectively unemployed.

Jobs were added across almost all sectors of the economy in Q2. The services segment added the most jobs (+365,700), followed by the construction (+63,100), industrial (+23,000) and agricultural (+13,100) sectors. Overall, a total of 464,900 jobs were added from the prior quarter. For its part, the workforce rose by 354,800 people in Q2 to a total of 23.2 million.

FocusEconomics Consensus Forecast participants expect the unemployment rate to average 17.4% in 2021 and 16.0% in 2022.

Author: Massimo Bassetti, Senior Economist

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Spain Unemployment Chart

Spain Unemployment Q2  2021

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

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