The number of unemployed people in Spain rose to a record four million in the first quarter as the economy continued to shed jobs created over the last decade by inexpensive credit and a real estate bubble.
he Spanish unemployment rate climbed to 17.4 percent, from 13.9 percent in the final quarter of 2008, or more than twice the EU average, the National Statistics Institute said Friday. The 802,800 increase in the ranks of the jobless was the largest quarterly increase in more than 30 years.
The Bank of Spain has warned of little room for additional spending, with Spain’s public sector deficit on track to hit 8.3 percent of G.D.P. this year and its ratio of debt-to-G.D.P. set to reach 50 percent. The bank’s governor, Miguel Fernández Ordóñez has said that the social security system could go into deficit this year.
New York Times
he Spanish unemployment rate climbed to 17.4 percent, from 13.9 percent in the final quarter of 2008, or more than twice the EU average, the National Statistics Institute said Friday. The 802,800 increase in the ranks of the jobless was the largest quarterly increase in more than 30 years.
The Bank of Spain has warned of little room for additional spending, with Spain’s public sector deficit on track to hit 8.3 percent of G.D.P. this year and its ratio of debt-to-G.D.P. set to reach 50 percent. The bank’s governor, Miguel Fernández Ordóñez has said that the social security system could go into deficit this year.
New York Times
1 comment:
All the social agents, communities and town halls, government and opposition must seal an state agreement to go out of the crisis and to reduce the unemployment of Spain.
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Regards
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