August 19, 2022
Spain: Unemployment rate drops in second quarter of the year

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The jobless rate fell to 12.5% in Q2 from 13.7% in Q1. Moreover, the figure was marred by an increase in labor force. In absolute terms, the number of unemployed workers dropped to 2.9 million in Q2, down from Q1’s 3.2 million.

Jobs were added across almost most sectors of the economy in Q2. The services sector added the most jobs (+320,200), followed by the industrial segment (+79,500) and the construction sector (+21,900), while the agricultural sector (-38,400) bucked the trend. Overall, a total of 383,300 jobs were added from the prior quarter. For its part, the workforce rose by 128,000 people in Q2 to a total of 23.4 million.

FocusEconomics Consensus Forecast participants expect the unemployment rate to average 14.4% in 2022 and 13.5% in 2023.

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