Unemployment in Spain

Spain Unemployment | Economic News & Forecasts

Spain - Unemployment

Unemployment rate broadly stable in Q1

The jobless rate dipped from 16.1% in Q4 2020 to 16.0% in the first quarter of 2021, when a third wave of Covid-19 infections hit the country. The figure surprised market analysts, whom had expected it to rise, but was due to a decline in labor force. In absolute terms, the number of unemployed workers stood at 3.65 million in Q1, down from Q4 2020’s 3.72 million. That said, the print still masks the full extent of the crisis by not counting those under temporary furlough schemes as effectively unemployed.

Jobs were shed across almost all sectors of the economy in Q1. The services segment cut the most jobs (-83,400), followed by the industrial (-51,500) and construction (-18,500) sectors. On the other hand, the agricultural sector added 15,800 jobs. Overall, a total of 137,300 jobs were lost from the prior quarter. In geographical terms, the Madrid region created the highest number of jobs, followed by the Catalan community, while the Valencian community lost the most jobs, followed by Andalusia. Meanwhile, temporary jobs were down 168,600 while permanent jobs were up 31,300 in Q1. For its part, the workforce fell by 203,400 people in Q1 to a total of 22.9 million.

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

Spain - Unemployment Data

2015   2016   2017   2018   2019  
Unemployment Rate22.1  19.6  17.2  15.3  14.1  

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Spain Unemployment Chart

Spain Unemployment
Note: Unemployment in % of active population.
Source: National Statistical Institute (INE).

Spain Facts

Value Change Date
Bond Yield0.465.62 %Dec 31
Exchange Rate1.120.65 %Dec 31

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