Spain’s unemployment at lowest level sice recession began
The Spanish economy created 521,700 jobs year-on-year in the third quarter of 2017 and unemployment fell by 589,100.
This is according to figures from the Labour Force Survey published by the National Statistics Institute.
The rise in the number of workers over the last year stands at 2.82%, which means that almost all economic growth translates into new jobs. The barrier of 19 million people in work has been hit for the first time in eight years.
Most new jobs were created in the private sector, practically all of which are full-time jobs and permanent employment contracts have grown more than temporary contracts. The total number of unemployed has fallen to 3.73 million, the lowest figure since the start of the recession, the same as the unemployment rate, which has dropped by 2.53 points in the last year to stand at 16.38% of the active population.
The new results for the job market exceed forecasts and are in line with the upward trend of the economy.
According to the latest macro-economic chart, the Spanish economy will grow by a year-on-year average of 3.1% in 2017, one tenth higher than the previous estimate. Almost all of this growth is translating into job creation – 521,700 over the last year.
The Government says this shows how effective the reforms are proving, the improvements in competitiveness attained and the reduction in the macro-economic imbalances.
“Since the lowest point for the job market during the crisis (first quarter of 2014), more than 2 million net jobs have been created and the number of unemployed has fallen by 2.5 million people since the maximum posted in the first quarter of 2013, while the unemployment rate has fallen by 11 points,” said a spokesman.
In the third quarter of this year, the number of people in work stood at 19.05 million – a figure not attained since the corresponding quarter of 2009 – following a quarter-on-quarter rise of 235,900. This rate of job growth is the highest in 12 years for the third quarter of the year.
In terms of unemployment, the figure has fallen by 182,600 in the third quarter to stand at 3.73 million, the lowest figure since the fourth quarter of 2008. Unemployment fell in the services and industrial sectors, but rose in the agriculture and construction sectors. The number of people who lost their job more than one year ago fell by 114,900 while it rose by 11.400 among first-time job seekers.