Unemployment falls by 24,600 and employment by 19,000 in 4Q23

unemployment office

The National Statistics Institute (INE) published on Friday that according to the Labour Force Survey (Encuesta de Población Activa, EPA), the number of unemployed people decreased in 4Q2023 by 24,600 people compared to 3Q2023, to 2.831 million unemployed, while the number of employed people decreased by 19,000, to 21.247 million.

Thus, Spain’s unemployment rate fell to 11.76% from 11.84% in 3Q2023, bringing the rate below the 11.9% expected by FactSet’s analyst consensus. Meanwhile, the labour force participation rate decreased to 58.99% in 4Q2023 from 59.41% in the previous period.

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