Spain’s unemployment rate fell in the second quarter of 2022, according to the latest government data released last week.
The data from the National Statistics Institute (INE) show that the fall is largely due to a recovery in the tourism sector as well as labour market reforms which is producing a more versatile economy.
Spain´s unemployment rate is now just under 12.5% down from 13.65 in April.
The Madrid region is significantly below the national average at 10.8%.
The total number of unemployed people fell by 255,000 to 2.92 million, while employment rose by 383,300 people to 20.47 million.
This is the first time that the number of job seekers in Spain fell below three million since November 2008 at the start of the global financial crisis.
Most jobs were created in the services sector as Spain’s key tourism sector continues to rebound following the end of most pandemic travel restrictions.
“Once again, the data show Spain’s recovery is advancing,” Prime Minister Pedro Sanchez tweeted after the data were released.
El paro baja de los 3 millones por 1ª vez desde 2008 según la EPA. La ocupación se acerca a los 20,5M y la contratación indefinida continúa creciendo.
Una vez más, los datos muestran que la recuperación avanza en España. Seguimos trabajando para que llegue a toda la ciudadanía.
— Pedro Sánchez (@sanchezcastejon) July 28, 2022
Economy Minister Nadia Calvino said that the improvement in Spain’s labour market is “one of the motors” of the country’s economic growth.
Spain was one of the worst-hit by the economic fallout of the pandemic, and despite a strong rebound, has been hit by the fallout from the Russian invasion of Ukraine.
The latest government forecast expect the Spanish economy to grow by 4.3% this year and 2.7% next, with unemployment falling further to 12% in 2023.
The latest inflation rate, released today, Friday 29th July, is 10.8% the highest since September 1984.