Spain Unemployment Q3 2021


Spain: Unemployment rate falls less than expected in Q3

October 29, 2021

The jobless rate fell from 15.3% in Q2 to 14.6% in the third quarter, amid easing restrictions and an acceleration in the vaccination campaign. The figure came above market analysts’ expectations of a 14.2% unemployment rate, and was marred by an increase in labor force. In absolute terms, the number of unemployed workers stood at 3.42 million in Q3, down from Q2’s 3.54 million. That said, the figure doesn’t include those under temporary furlough schemes as effectively unemployed.

Jobs were added across almost most sectors of the economy in Q3. The services segment added the most jobs (+377,200), as people went back to bars, restaurants and hotels, followed by the industrial (+63,000) sector, while the construction (-31,200) and the and agricultural sector (-49,600) shed jobs. Overall, a total of 359,300 jobs were added from the prior quarter. For its part, the workforce rose by 232,200 people in Q3 to a total of 23.4 million.

FocusEconomics Consensus Forecast participants expect the unemployment rate to average 14.4% in 2022 and 13.5% in 2023.

Author: Massimo Bassetti, Senior Economist

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Spain Unemployment Chart

Spain Unemployment Q3  2021

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

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