Unemployment rate in Spain drops below 11 percent for first time in 16 years
Date
1/30/2025 3:58:47 AM
(MENAFN) Spain's unemployment rate has fallen below 11 percent for the first time in 16 years, according to data released by Spain's National Statistics Institute (INE) on Tuesday. After adding nearly 500,000 new jobs in 2024, the country's unemployment rate dropped to 10.6 percent in the fourth quarter of the year. This marks a significant improvement in the labor market, though Spain's jobless rate remains much higher than the EU average of 5.9 percent, as reported by Eurostat for November 2024.
This decline in unemployment represents a return to levels of employment not seen since the second quarter of 2008, prior to the onset of the financial crisis that severely impacted the Spanish economy. The 2008 crisis, which hit Spain's real estate sector especially hard, led to a dramatic spike in unemployment. In 2007, Spain's unemployment rate was at its lowest level of the century, at just 8.01 percent. However, austerity measures enforced by the EU in response to the crisis further worsened the situation, peaking at 26.97 percent in 2013, with youth unemployment reaching alarming levels.
Over the past 16 years, Spain has made significant strides in recovering its labor market. The country's economy has been bolstered by factors such as record tourism numbers, and in 2024, The Economist named Spain the developed world's strongest economy. With nearly 22 million people now employed in a population of around 48 million, Spain is closer to fully recovering from the impacts of the crisis.
Spanish Labor Minister Yolanda Diaz took to social media platform Bluesky to celebrate the new employment figures. She emphasized that the government's progressive policies have not only reduced unemployment but also improved the quality of life for those in the workforce, highlighting the broader social benefits of this recovery.
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