Business World

Thursday 27 July 2017

More pain in Spain as jobless figure over 20pc

Spain's jobless rate remains
at more than 20pc
Spain's jobless rate remains at more than 20pc

Emma Ross-Thomas

Spain's registered unemployment advanced for a third month in March, deepening the divide between peripheral economies struggling to recover from the financial crisis and Germany's booming labour market.

The number of people registering for jobless benefits in Spain rose by 34,406, or 0.8pc, from February to 4.33m, the Labour Ministry in Madrid said .

Spain's jobless rate remains at more than 20pc, while the number of Germans out of work dropped to the lowest since 1992 last month. Spain's economy emerged from an almost two-year recession in 2010 before contracting again in the third quarter as austerity measures took effect.

The doubling of the unemployment rate since the collapse of the decade-long property boom and the deepest budget cuts in at least three decades have eroded support for Prime Minister Jose Luis Rodriguez Zapatero, who said on Saturday he won't run for a third term in 2012.

The opposition People's Party would win 44.1pc of the vote if general elections were held now, compared with 28.3pc for Mr Zapatero's Socialists, according to a poll by 'El Pais'. (Bloomberg)

Irish Independent

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