Spain Jobless Rate Above Forecasts in Q4

The unemployment rate in Spain increased to 16.55 percent in the last three months of 2017 from an upwardly revised 16.39 percent in the previous period which was the lowest since 2008. Figures came above market expectations of 16.15 percent. Among regions, Ceuta (26.03 percent), Extremadura (25.12 percent) and Melilla (24.62 percent) showed the highest jobless rates while Navarre (9.63 percent) recorded the lowest. In Madrid, the unemployment rate was 13.75 percent and in Catalonia 12.63 percent. In the last quarter of 2016, unemployment in Spain was much higher at 18.63 percent.

Considering the whole country, the number of jobless people rose by 34.9 thousand to 3.766 million. Madrid (+51.8 thousand), Castile and León (+15.5 thousand) and Balearic Islands (+15.4 thousand) saw the biggest rises in unemployment while main declines were seen in Andalucia (-159.7 thousand), Valencia (-17.2 thousand) and Basque Country (-10 thousand). 

The number of employed went down by 50.9 thousand to 18.998 million. Job losses were seen in services (-124.3 thousand) and construction (10.9 thousand). In contrast, employment rose in agriculture (+43.7 thousand) and industry (+40.7 thousand). By region, the largest falls were seen in Balearic Islands (-65.5 thousand), Castile and León (-20.9 thousand) and Galicia (-16.7 thousand) while the largest increases were observed in Valencia (+21.8 thousand), Andalucia (+19.3 thousand) and Canarias (+16.6 thousand). Employment went down by 63.5 thousand in the private sector but rose by 12.7 thousand in the public. 15.923 million where working in the previate sector and 3.074 million in the public one. Considering the last year, the largest employment gains were recorded in Andalucia (+126.4 thousand), Catalonia (+113.6 thousand) and Madrid (+66.2 thousand).

The number of active people fell by 15.9 thousand to 22.765 million, bringing the labour force participation rate down to 58.8 percent from 58.82 percent.

Spain Jobless Rate Above Forecasts in Q4

INE | Joana Taborda |
1/25/2018 9:03:25 AM