18th May 2024
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Unemployment rate in Spain falls to its lowest level since 2008

The unemployment rate in Spain fell in the second quarter of 2023 to its lowest level since 2008, official data showed on Thursday, as the country’ buoyant tourism sector boosted the labour market.

The jobless rate dropped to 11.6% in the period from April to June, from 13.3% in the previous thee-month period, the National Statistics Institute (INE) said.

The unemployment rate had not been that low in Spain since the third quarter of 2008, when it was 11.2%.

The number of unemployed people dropped by 365,000 in the second quarter to s total of 2.76 million, with most jobs added in the services sector.

Spain is the world’s second-most visited country after France and unemployment typically falls in the summer months in the country as the tourists season picks up and hotels, bars and restaurants boost staff.

‘In Spain there are now 21 million people working. We have reached a new all-time high. Temporary employment decreases and unemployment falls to the lowest level since 2008, especially among young people and women. Extraordinary data that demonstrate the strength of our economy,’ Prime Minister Pedro Sánchez tweeted.

Spain’s economy has outperformed most of its European Union peers. It grew by 5.5% last year and the government expects it will expand by 2.1% overall in 2023.

The International Monetary Fund (IMF) on Wednesday raised its growth forecast for Spain this year to 2.5% from 1.5, citing the strong performance of the tourism sector.

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