The unemployment rate increased slightly in the third quarter in Spain to reach 10.45% of the active population, compared to 10.29% at the end of June, according to data published on Friday by the National Institute of Statistics (INE).
In total, 2.6 million people were registered as unemployed as of September 30 in the fourth economy of the euro zone, or 60,100 more than in the previous quarter, the public body indicated in a statement. In the second quarter, the unemployment rate fell to 10.29%, its lowest level since the 2008 financial crisis. The unemployment rate in Spain, which had skyrocketed during the Covid-19 pandemic, has fallen significantly in recent years thanks to the impressive rebound in tourism activity.
Return to below 10% in 2027?
During the last year, the number of employed people has increased by 2.58%, up to 22.4 million, according to the INE, in a context of strong economic growth, stimulated by increased immigration and consumption. In 2024, GDP growth reached 3.5%, making Spain the world’s fastest-growing advanced economy that year.
According to the Bank of Spain, the unemployment rate should reach 10.5% of the active population by the end of 2025. It should fall below the symbolic 10% mark in 2027, for the first time in almost 20 years. Despite this improvement, the Spanish unemployment rate remains the highest in the European Union and OECD countries.
Source: BFM TV
