Spain unemployment hits record high

Spain unemployment hits record high
Thu Apr 25, 2013 19:03:30

Spain's unemployment rate has risen to a new record of 27.2 percent of the workforce in the first quarter of 2013, official figures show.

The total number of unemployed people in Spain has now passed the six million figure, although the rate of the increase has slowed, BBC reported.

 

The figures underline Spain's struggle to emerge from an economic crisis which began five years ago.

 

On Friday, Prime Minister Mariano Rajoy will unveil fiscal and policy measures aimed at halting recession in the eurozone's fourth-largest economy.

 

A big demonstration in Madrid is being planned against the austerity measures.

 

Last week, the International Monetary Fund cut its 2013 forecast for Spain's growth to a 1.6 percent contraction from 1.5 percent and said the unemployment rate would peak at 27 percent this year.

 

The jobless rate, which stood at 7.9 percent in mid-2007, has risen relentlessly since the collapse in 2008 of a Spain's labor-intensive property boom.

 

On Wednesday, Rajoy told parliament that the job situation for the entire year "will not be good, but it will be less bad than in the preceding years".


 

"Next year we will have growth and jobs will be created in our country," he said.

 

 

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