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Spain jobless rate hits new high in third quarter | Spain jobless rate hits new high in third quarter |
(35 minutes later) | |
About a quarter of people in recession-hit Spain are unemployed, new figures have shown. | About a quarter of people in recession-hit Spain are unemployed, new figures have shown. |
The unemployment rate rose to 25% in the third quarter, from 24.6% in the previous three months, Spain's National Statistic Institute said. | The unemployment rate rose to 25% in the third quarter, from 24.6% in the previous three months, Spain's National Statistic Institute said. |
Among workers aged 16-24, the jobless rate was flat at about 52%. | Among workers aged 16-24, the jobless rate was flat at about 52%. |
The figures confirm those by the EU statistics agency, which has said that unemployment in the eurozone is at a high of 18.2 million. | The figures confirm those by the EU statistics agency, which has said that unemployment in the eurozone is at a high of 18.2 million. |
"In the space of just five years, unemployment in Spain has risen from 8% to now just over 25%," said the BBC's Tom Burridge in Madrid. "In parts of southern Spain, one in three of those looking for a job can't find one." | "In the space of just five years, unemployment in Spain has risen from 8% to now just over 25%," said the BBC's Tom Burridge in Madrid. "In parts of southern Spain, one in three of those looking for a job can't find one." |
"An increase in the number of people out of work means less money circulating in a recession-hit Spanish economy. It also makes it harder for the Spanish government to balance its finances, as it pays more out in unemployment benefits, and takes less revenue in." | "An increase in the number of people out of work means less money circulating in a recession-hit Spanish economy. It also makes it harder for the Spanish government to balance its finances, as it pays more out in unemployment benefits, and takes less revenue in." |
Spain is trying to restore confidence among international investors in Madrid's ability to repay its debts, which have been made harder by the fact that Spain is currently in a deepening recession. | Spain is trying to restore confidence among international investors in Madrid's ability to repay its debts, which have been made harder by the fact that Spain is currently in a deepening recession. |
The Spanish government has found itself in financial difficulty since the 2008 global financial crisis caused a big crash in the country's over-heated property market, and many fear that it will need a full bailout on top of the banking loan that has already been agreed. | The Spanish government has found itself in financial difficulty since the 2008 global financial crisis caused a big crash in the country's over-heated property market, and many fear that it will need a full bailout on top of the banking loan that has already been agreed. |
It has introduced highly unpopular spending cuts and tax rises as it attempts to reduce the country's deficit. | It has introduced highly unpopular spending cuts and tax rises as it attempts to reduce the country's deficit. |
But with a shrinking economy and unrest in the country, reducing the deficit with further austerity measures may prove a difficult task for the government. | But with a shrinking economy and unrest in the country, reducing the deficit with further austerity measures may prove a difficult task for the government. |
The government is still hoping to avoid requesting a bailout from the eurozone rescue funds, but many think this is inevitable. | The government is still hoping to avoid requesting a bailout from the eurozone rescue funds, but many think this is inevitable. |
At least five regions of Spain's 17 have requested help from Madrid's 18bn-euro Regional Liquidity Fund, including Valencia and Catalonia. | At least five regions of Spain's 17 have requested help from Madrid's 18bn-euro Regional Liquidity Fund, including Valencia and Catalonia. |
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