Madrid, Spain (TOE) - Spain’s unemployment total has passed the five million mark, the highest in 15 years, with the jobless rate shooting up from 21.5% to 22.8%., data from the statistical office INE showed Friday.
There were 5.3 million people out of work at the end of last month, up from 4.9 million in the third quarter.
The global crisis hit Spain particularly hard, contributing to the meltdown of its important property sector.
The jobless rate among those aged 16-24 climbed to 51.4% at the end of the year from 45.8% on September 30.
Spain has the highest jobless rate in the 17-nation eurozone.
The new conservative Popular Party government has pledged new labour reforms to try to halt further job losses.
The economy is expected to slide back into recession this quarter because of declines in gross domestic product (GDP) in the last quarter of 2011 and the first of 2012.
German Chancellor Angela Merkel has told Spain's new prime minister that she has "great respect" for his government's efforts to cut the country's budget deficit and tackle sky-high unemployment.
Mariano Rajoy's government has embarked on a drive to deepen reforms and combat an unemployment rate above 22 percent since taking office last month.
Rajoy met Merkel Thursday ahead of a European Union summit Monday at which leaders plan to address ways of stimulating growth and employment. Merkel hopes they'll also complete negotiations on a budget-discipline pact she has championed.
Rajoy stressed his commitment to cutting Spain's deficit, a key German priority.
timesofearth.com
There were 5.3 million people out of work at the end of last month, up from 4.9 million in the third quarter.
The global crisis hit Spain particularly hard, contributing to the meltdown of its important property sector.
The jobless rate among those aged 16-24 climbed to 51.4% at the end of the year from 45.8% on September 30.
Spain has the highest jobless rate in the 17-nation eurozone.
The new conservative Popular Party government has pledged new labour reforms to try to halt further job losses.
The economy is expected to slide back into recession this quarter because of declines in gross domestic product (GDP) in the last quarter of 2011 and the first of 2012.
German Chancellor Angela Merkel has told Spain's new prime minister that she has "great respect" for his government's efforts to cut the country's budget deficit and tackle sky-high unemployment.
Mariano Rajoy's government has embarked on a drive to deepen reforms and combat an unemployment rate above 22 percent since taking office last month.
Rajoy met Merkel Thursday ahead of a European Union summit Monday at which leaders plan to address ways of stimulating growth and employment. Merkel hopes they'll also complete negotiations on a budget-discipline pact she has championed.
Rajoy stressed his commitment to cutting Spain's deficit, a key German priority.
timesofearth.com
No comments:
Post a Comment