Spanish economy shed jobs for sixth year in a row in 2013


Spanish economy shed jobs for sixth year in a row in 2013
Unemployment as a percentage of the population rises as hundreds of thousands exit the labor market

The Spanish economy shed jobs for the sixth year in a row in 2013, official statistics show.

While the job destruction was less intense than in previous years, the loss of 198,900 positions, added to other years' job cuts, yields an accumulated figure of 3.75 million since the crisis began in 2008.

The figures were released on Thursday by the National Statistics Institute (INE), just one day after the International Monetary Fund (IMF) announced that its growth forecast for Spain this year is three times what it had previously expected, or 0.6 percent rather than 0.2 percent.

Unemployment fell slightly on the previous year, ending 2013 at 5.896 million, with 65,000 fewer people out of work than in the INE’s Active Population Survey for the final quarter of 2012.

As a percentage, however. the 2013 unemployment rate rose to 26.03 percent due to a notable fall in the active population in the last quarter of 2013, indicating that 267,900 people dropped out of the labor market after losing hope of finding a job in Spain.

The INE survey gives a different unemployment figure to the Social Security rate of registered joblessness, which, in December stood at 4,701,338.


Posted originally: 2014-01-23 10:51:10

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Spanish economy shed jobs for sixth year in a row in 2013


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