Spain’s unemployment rate deteriorates in 3Q2023 to 11.84% from 11.60% in previous quarter

employment office

Bankinter| The unemployment rate deteriorated in 3Q2023 to 11.84% from 11.60% previously and vs. 11.45% expected. The number of unemployed rose to 2.85m (vs. 2.76m at June 2023). The Activity Rate increased to 59.41% (vs. 58.57% previously). See full information in this link.

Assessment: We believe that the expected slowdown in economic growth in the second half of the year will be reflected in a certain deterioration of the Unemployment Rate in the coming quarters (tomorrow the preliminary GDP for 3Q 2023 is published, where we expect +1.6% year-on-year from +2.18% year-on-year, +0% year-on-year from +0.53% year-on-year in 2Q 2023) Our projections are GDP 2023 estimated +2.2% 2023 estimated; +1.6% year-on-year 2024 estimated, from +5.8% in 2022.

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