Spanish Unemployment reaches 23.6% in February

By @ibtimes on

The Ministry of Employment and Social Security said today that unemployment in Spain advanced 0.8% or 38,769 to 4.75 million in March, while over annual basis; the index expanded 9.6% in the March.

Unemployment in Spain remained the highest among other nations in the euro-area nation, where the jobless rate reached 23.6% in March compared with an average of 10.8% in the euro zone as the nation slipped back into recession.

Unemployment in Spain is expected to incline further in the coming period especially after the new cuts adopted by the government, where the Prime Minister, Mariano Rajoy is to cut 27 billion euro in order to control the public deficit and reach the targets set by the European Union.

Today, eyes will be tracking the budget announcement in Spain, which surely will be met with wide protests as the austerity is expected weigh further on growth and the pace of recovery.

Join the Discussion