Spain’s unemployment rate hits record high

Spain’s unemployment rate has hit a new record of 27.2%. Official figures show that number of unemployed people in Spain has passed the 6 million mark, although the rate of the increase has slowed.

The figures show how Spain is still struggling to emerge from the economic crisis that hit the country five years ago. The rate of unemployment has risen steadily from 7.9% in 2007.

At the end of this week, Prime Minister Mariano Rajoy will announce new fiscal and policy measures aimed at stopping the recession in the country.

Jose Luis Martinez, a strategist at Citi said: “These figures are worse than expected and highlight the serious situation of the Spanish economy as well as the shocking decoupling between the real and the financial economy.”

Last week the International Monetary Fund said the country’s unemployment rate would peak at 27%. A demonstration is planned in Madrid against the austerity measures.

Yesterday, Mr Rajoy told parliament that the job situation for the year ‘will not be good, but it will be less bad than in the preceding years’. He said: “Next year we will have growth and jobs will be created in our country”.

Meanwhile, in other areas of the EU, France is expected to announce record number of unemployment last this week, and recent figures show the UK has avoided a triple dip recession.

Pic source: Telegraph

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