Spanish unemployment continues to climb

| April 4, 2011 | 0 Comments
Spanish unemployment continues to climb

Figures have today revealed the unemployment rate in Spain rose to 20.5% - twice the euro zone average.

According to the Ministry of Labour, there are now 4.33 million people out of work - the highest since 1996.

Meanwhile, the benefit claimant count rose by 34,406 people.

Spain currently has the highest unemployment rate in the industrialised world. The country has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses.

Youth unemployment is also a major problem for the euro zone’s fifth largest economy, with almost 13,000 lay-offs last month.

Youth unemployment stood at 43.5% in February.

Last week, the European Union’s statistics agency announced the unemployment rate in the 17-member euro zone fell below the 10% mark in February.

According to Eurostat, 77,000 fewer people were out of work taking the rate to 9.9%. The jobless rate has been hovering around the 10% mark since last July and hit a record 10.1% in October.

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