Spain appears to be the great exception for unemployment figures within Europe. Unemployment is reaching an all-time low in all European countries. This while unemployment in Spain is even rising again and is no less than double the European average.
Spain closes the first quarter of 2022 with an unemployment rate of 13.5%. In March 2022, the average rate in Europe was 6.2%, and 6.8% in the eurozone. However, never before in the history of Europe has this percentage been at such a low level. Yet the same rate is currently double in Spain. In fact; the country currently tops the list of all European countries when it comes to unemployment.
Trend of declining unemployment in Spain
Although unemployment is currently lower than a year ago – in March 2021 the rate among Spaniards was 15.4% – the numbers have deteriorated in recent months. This while unemployment is falling in all other EU countries. Spain will close the first quarter of 2022 with 70,900 (+2.3%) more unemployed than in the last quarter of 2021.
This rise marks a break in the trend of declining unemployment in Spain in recent months. Since the end of the last lockdown, unemployment has only decreased. This phenomenon coincided with the recovery of the Spanish economy.
Also read: Spanish economic growth starts to slow down
Difficulty among people finding work in Spain
Unemployment among Spanish youth also remains high. Furthermore, no less than 29.6% of Spaniards under the age of 29 have difficulty finding a paid job. Unemployment among young people is also considerably lower in Europe and in the eurozone than in Spain. With a European average rate of 13.9%, this figure is half of the youth rate here in Spain.
Related article: Spain has the highest unemployment rate in the whole of the OECD