Spanish Unemployment Drop Below 25% For First Time in 2 Years

The unemployment rate in Spain has fallen below 25% for the first time in two years, thanks to the beginning of a revival in the economy.

An extra 402,000 people started work in the second quarter of the year, boosted by the seasonal upturn in tourism.

That helped to push the official jobless rate down to 24.5%, from 25.9% in the first three months of the year.

However the Spanish unemployment rate is still the second highest in Europe, with 5.6 million Spaniards out of work.

Strong figures
That compares to 17.4 million who are officially in work.

“These figures are much better than expected and while there’s an important seasonal element, seasonally adjusted figures are also strong,” said Jose Luis Martinez, economist at Citi in Madrid.

Seven years ago, unemployment in Spain stood at just 7% but then rose sharply to nearly 27%.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza