Spanish Unemployment Drops to 18.6%

The labor market of Spain has produced more than 400,000 jobs in 2016 while the unemployment rate decline to 18.6% in 4Q based on the figures released last Thursday from the National Statistics Institute (INE). The lowest jobless rate was recorded seven years ago, however, the number of out of job people is approximately four million amid recovery of the job market for three consecutive years.

According to the data released by Encuesta de Población Activa or EPA (Active Population Survey), the Spanish economy generated 413,600 positions with an equivalent of 3% hike in a year.

On the other hand, the total number of workless individuals were down to 541,700 or an 11.3% drop within a 12-month period but the decrease in 2015 is lesser which accounts to 678,200. The Prime Minister of the country, Mariano Rajoy gladly mentioned this news over the radio, asserting that the sovereign state established 1,750,000 careers from 2013 up until 2016.

Rajoy added that there are lot of things left which need to accomplish after the economic crisis and it requires 20 million working people in order to maintain the economic policy.