The Unemployment rate of Spain attained a value of 12.10 % in 2023
The indicator recorded a historical change (bps difference) of 343 bps between 2020 to 2023, and is expected to decline by...
GlobalData projects the figure to change by 32 bps between 2024 and 2028, reaching...
Unemployment
Unemployed people are those that are actively looking for work but are having no luck. The unemployment rate is derived by dividing the total number of unemployed people by the total population of a certain region or workforce. It is one of the most important measures of a country's economic health.
Global Unemployment
The International Labour Organization estimates that by the end of 2021, the average regional unemployment rate will be 9.6%, down from the 10.6% it reached in 2020 but up from the 8% that was noted in 2019, which is used in this case as a benchmark to determine the impact of the pandemic's first two years.
The Organization for Economic Cooperation and Development (OECD) reported that the unemployment rate in OECD regions fell below the pre-pandemic rate when its February 2022 unemployment numbers were published in April 2022. Since this data series' inception in 2001, this is its lowest point. Additionally, the OECD region's unemployment rate decreased further, dropping by 0.7 million to 34.9 million people.
Unemployment Rate of Spain
The unemployment rate in Spain in 2021 stood at 15.2%. Between 2018-2021, the unemployment rate in Spain was highest in 2020 at 15.5% and lowest in 2019 at 14.1%. The unemployment rate decreased by 1.9% on a year-on-year basis in 2021 and decreased by 0.1% between 2018-2021.
The unemployment rate decreased from 15.5% in 2020 to 14.7% in 2021. According to GlobalData, unemployment is forecast to reach 13.4% in 2022. According to Spain’s social security figures, 20 million people were in employment with 700,000 new permanent jobs contracts created in the month of April 2022. The sudden change in hiring procedure is related to the labor reform agreed by Spanish lawmakers in February 2022.
According to the OECD, unemployment in Spain was 14.80% in Q3 2021, compared to the OECD average of 5.97% in the same period. This high level of unemployment reduces the overall income level, as well as demand and consumption expenditure, which in turn affects the overall economic productivity. Growth is set to slow to 4.1% in 2022 due to high inflation, and low demand.
Factors that Cause Unemployment
Some of the key factors that affect unemployment in a nation are recession, government policies, geographic labor mobility, technological breakthroughs, the global economy, growing populations, and worker education, training, and skill development.
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