Spain Jobless Rate Drops To 8-1/2-year Low

The unemployment rate in Spain fell to 17.22 percent in the second quarter of 2017 from 18.75 percent in the previous period. It is the lowest jobless rate since the last quarter of 2008, below market expectations of 17.8 percent. Yet, unemployment has been falling since 2013 when it hit a record high of 27 percent after a real estate and construction crisis that started in 2008 led to a recession. However, the jobless rate still remains at double digits and higher than its pre-crisis level. Spain has the second highest unemployment rate in the EU after Greece.

The number of jobless people fell by 340.7 thousand to 3.9143 million, with declines seen in all sectors. Unemployment in services went down by 144 thousnad, following a 104.8 thousand rise in the previous quarter. By region, the largest decreases occurred in Catalonia (-79.2 thousand), Andalusia (-72.2 thousand) and Madrid (-38.9 thousand).

The number of employed increased by 375 thousand to 18.8133 million, mainly due to rises in services (+272.4 thousand), industry (+65.7 thousand) and construction (+52.1 thousand). In contrast, employment fell in agriculture (-15.2 thousand). By region, the largest increases were seen in Catalonia (72.6 thousand), Balearic Islands (65 thousand) and Andalusia (53.5 thousand). Employment increased in by 345.1 thousand in the private sector and by 29.9 thousand in the public. 

The number of active people increased by 34.3 thousand to 22.7276 million, bringing the labour force participation rate up to 58.84 percent from 58.78 percent.

Spain Jobless Rate Drops To 8-1/2-year Low

INE | Joana Taborda |
7/27/2017 7:45:05 AM