Bankia Studies | The Spanish economy has created more jobs than expected, allowing the unemployment rate to stabilise at record lows. The indicators suggest that the Covid-19 crisis had not yet infected the dynamism of the labour market. That said, the possible impact could be reflected in the coming months.
The recession has produced one clear victim and it’s called salaries. Starting with those lost by the jobless and by those who have used up all their unemployment benefit. But those workers on lower salaries, have also suffered, seeing their purchasing power diminished.
International organisations and the leading research departments are revising their growth forecasts upwards for the Spanish economy for this year and 2018. But at the same time, they note that Spain’s recovery is not reaching most wage earners.
MADRID | July 5, 2014 | By Fernando González Urbaneja | It’s been one of the costs of the crisis: an internal wage devaluation. Over the last year and half of the economic recovery, with the country’ GDP growing more than one percentage point above the EU average, Spain managed to create almost a million new jobs, almost one-third of what was lost.
The Corner | April 2, 2015 | La Caixa Research | Competitiveness gains in the Spanish economy are set to persist as wage increases continue to lag behind other euro zone countries.