The number of employed people increased in the third quarter of the year by 569,600 compared to the previous quarter which saw the greatest impact of the pandemic from confinement. The total number of employed stood at 19.17 million. However, the number of unemployed also increased by 355,000 to 3.722.900, equivalent to a rate of 16.26%, the highest since the first quarter of 2018, according to the Labour Force Survey (EPA) published on Tuesday.
Spanish jobless rate
Experts are forecasting an unemployment rate of 15% in 2018, when it is estimated that Spain’s economy will have reached its GDP growth potential, so that figure could represent its structural jobless rate. This decline in the unemployment rate, the starting point of which was 26% at the lowest point in the economic cycle, is substantial. But it will still be high compared with other eurozone countries.