Business World

Monday 21 August 2017

Spain unemployment nears 5 million

The number of people registered as unemployed in Spain is edging toward five million as the country's recession shows few signs of abating and its banks struggle to deal with a property market crash.

Spain's Labour Ministry said unemployment rose by 74,296 in November, or 1.5pc, to a record high of 4.9 million.

Spain's unemployment rate is released separately and quarterly. It stood at 25pc at the end of the third quarter.

The figures come a day after finance ministers from Spain's eurozone partners approved the release of €39.5bn in bailout aid for Spanish banks worst hit by the property market collapse in 2008.

The funds are part of a €100bn rescue package which has been earmarked for Spain's banks.

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