Spain's unemployment drops by 10.7% in June

Spain’s Ministry of Employment have said that the number of people registered as unemployed in Spain fell by almost 100,000 last month to 3,362,811.

Since June 2016 Spanish unemployment levels have fallen by just over 10.7%, representing a drop of 404,000. In the same period unemployment amongst the under 25’s fell by 16.5%.

The good news for Spain is that all of its 17 regions reported a drop in unemployment levels in June, with the sharpest decrease occurring in the Balearics, Aragón and Catalunya where levels fell by 16%, 15.9% and 13% respectively.

In the last four years unemployment in Spain has dropped by a significant 30% from 4.75 million.

The Bank of Spain announced last week that the Spanish economy grew by 0.8% in Q1 and 0.9% in Q2, with the rise of investment in construction being the main driving force behind the growth; the Spanish property market recovery is gaining momentum which has helped to revive the construction sector, creating more jobs and injecting much needed cash into the sector.

The Bank of Spain and the Spanish government have made upward revisions to the economic and unemployment forecasts; the economy is set to grow by 3% this year, an upward revision of the 2.7% previously forecast and unemployment levels will stand at 17.4%, not the 17.5% previously predicted.

In total some 518,000 jobs will be created this year, with a further 503,000 in 2018. Spanish unemployment levels will fall to 11.1% by 2020 with the help of 20.5 million jobs, the government forecasts.