Arab Today, arab today spain sees slight increase in first quarter jobless rate
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Spain sees slight increase in first quarter jobless rate

Arab Today, arab today

Arab Today, arab today Spain sees slight increase in first quarter jobless rate

Spain's high unemployment rose
Madrid - AFP

Spain's high unemployment rose slightly in the first quarter, official data showed Thursday, a reminder in an election year of the challenges the country faces as it seeks to cement a fragile economic recovery.

The jobless rate rose to 23.78 percent, according to the National Statistics Institute (INE), up from 23.7 percent in the previous quarter.

The increase is a blow for Spain's conservative government as it prepares for municipal and regional elections next month and general elections by the end of the year.

Prime Minister Mariano Rajoy has repeatedly said creating jobs is his top priority after pushing through labour market reforms, reducing a budget gap and rescuing the country's teetering banks.

The number of people out of work in the January to March period actually fell by 13,100 to 5.44 million when compared with the previous quarter, the biggest drop in unemployment in a first quarter since 2005, it said in a statement.

But the unemployment rate still rose because the size of the workforce shrank during the first quarter by 127,400 people to 22.9 million as the length of Spain's economic downturn prompted many long-term unemployed to give up looking for work or leave the country.

"The numbers have never been so clear: the long-term unemployed are stopping looking for work," said Maria Angels Valls, a professor of management at Spain's ESADE business school.

- Winter doldrums -

The government highlighted the fact that winter is traditionally a bad period for jobs in tourism-dependent Spain.

"The first quarter is the most complicated for the Spanish economy, from a seasonal point of view," Economy Minister Luis de Guindos said during an interview with Onda Cero.

The Spanish economy, the eurozone's fourth-largest, fell into recession in 2008 when a property bubble burst putting thousands of labourers out of work, and the resulting aftershock claimed millions more jobs across the country.

It grew by 1.4 percent in 2014 -- the first full-year economic growth since the property collapse -- due to a rise in private consumption, higher business investment and a recovery in the construction sector.

But unemployment is expected to remain high with the International Labour Organization predicting Spain's jobless rate remaining above 20 percent until the end of the decade.

"The risk that unemployment could remain uncomfortably high for several years is acute," said Raj Badiani, an economist at IHS Global Insight.

"The latest labour market data suggest that employment is now on an upward trajectory with firms increasingly able to ramp up their employment intentions, but the pace of recovery will still have to overcome some lingering obstacles."

The government predicts Spain will end the year with a jobless rate of 22.2 percent, one of the highest levels in the industrialised world.

The leader of the main opposition Socialists, Pedro Sanchez, blamed the rise in the unemployment rate on a 2013 labour market reform that made it easier for companies to fire workers and reduced severance pay.

He said the reform, which he has vowed to repeal if elected prime minister, "opened the doors for the mass dismissal of many workers."

Spain's unemployment rate stood at 8.57 percent in 2007 at the height of the property boom, its lowest annual level since the country returned to democracy following the death of dictator Francisco Franco in 1975.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain sees slight increase in first quarter jobless rate Arab Today, arab today spain sees slight increase in first quarter jobless rate

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain sees slight increase in first quarter jobless rate Arab Today, arab today spain sees slight increase in first quarter jobless rate

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday