Unemployment in Spain rises to 3.3 million

| February 3, 2009 | 0 Comments

The Labour Ministry said the number of people out of work in Spain soared by almost 200,000 in January, taking the total jobless number to 3.3 million.

The organisation, based in Madrid, said it is the largest monthly rise on record.

Spanish unemployment is the highest than any other nation in the EU at a rate of 14.4% and its economy, which is the fourth-largest in the euro zone, has been one of the healthiest in Europe over recent years but rising unemployment and the financial crisis have had an impact.

Last week, official figures from the Bank of Spain revealed that Spain’s economy entered recession for the first time since 1993.

Gross Domestic Product fell 1.1% in the last quarter of 2008, which followed on from a 0.2% decline in the previous quarter.

According to the European Commission, Spain’s unemployment rate will continue to rise to 16.1% in 2010 and 18.7% in 2011.

Tags: Bank of Spain, , Labour Ministry, , , ,

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