Spain’s unemployment rate spirals to 19.3%
Official figures have revealed that Spain’s unemployment rate has reached 19.3% (one of the highest of any European region) as the economy has been hit by a severe slump within the construction industry, which has led to a significant amount of job losses.
Spain’s jobless rate is more than double the 9.2% rate for the EU as a whole.
The total number of jobless in Spain is 3.8 million – nearly a million more than a year ago while the number of people claiming unemployment benefits in October grew by 98,906.
However, Spain’s unemployment rate is slightly below the 19.7% rate recorded for Latvia.
In a bid to create jobs within the construction sector, the Spanish Government has spent €8 billion (£7.1 billion) on a stimulus package to create 400,000 extra jobs.
A recent report said unemployment in Spain could reach 25% in the next three years as a result of the severe slump within the construction industry.