La sagrada familia in Spain

Spain Unemployment Q1 2023

Spain: Unemployment rate rises in first quarter of the year

The jobless rate rose to 13.3% in Q1 from 12.9% in Q4 2022. The figure was marred by an increase in labor force. In absolute terms, the number of unemployed workers increased by 103,800 people to 3.1 million in Q1.

Moreover, jobs were shed in Q1. The industrial sector shed the most jobs (-11,200), followed by the agricultural (-5,000) and the construction sectors (-2,700), while the services sector (+7,800) added jobs. Overall, a total of 11,100 jobs were shed from the prior quarter. For its part, the workforce rose by 92,700 people in Q1 to a total of 23.6 million.

Commenting on the outlook, Wouter Thierie, economist at ING, stated:

“After the summer, labour market dynamics are set to weaken somewhat, mainly on the back of a slowing economy. The European Central Bank’s tighter monetary policy will reduce investment dynamics among companies, which is likely to lead to slower employment growth. However, given the current labour shortage, we do not expect a significant rise in the unemployment rate. Before this will happen, we would first have to observe a strong decline in hiring intentions, which is not yet the case”.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest