Spain unemployment dropped to 4-year low

Noam Stiekema

The Spain unemployment dropped to 4-year low after adding 411 thousand new jobs in Q2 2015. This happens against the background of accelerating economic growth and before the start of the summer tourist season, which highly reflects the labor market in the country. The number of unemployed Spanish citizens in Q2 2015 decreased by 295 […]

Spain unemployment

Spain unemploymentThe Spain unemployment dropped to 4-year low after adding 411 thousand new jobs in Q2 2015. This happens against the background of accelerating economic growth and before the start of the summer tourist season, which highly reflects the labor market in the country. The number of unemployed Spanish citizens in Q2 2015 decreased by 295 thousands to 5.15 million people. This represents 22.4% from the workforce, the level which is the lowest since 2011. In comparison for the Q1 2015 the unemployment rate was 23.8%.

The unemployment in Spain is still the second highest in the European Union after Greece (25.6%). This is mainly due to large cuts after the bursting of the housing bubble in 2008, destroyed the once powerful local construction sector. In most of the early stages of the economic crisis rising unemployment was leader in EU and even reached 26.9% in Q1 2014, just when the economy showed signs of recovery. Since then Spain unemployment falls rapidly

The Spain economy is among the fastest growing in the Eurozone after 2013. The gross domestic product increased by 0.9% quarterly and 2.7% yoy in the first quarter of 2015 due to the growing domestic demand. The Spanish government expects growth in the second quarter of 2015 to exceed 1%.

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