Spain's rate of unemployment has decreased to its lowest point since the second quarter of 2008, as the economy continues to exhibit strong growth momentum, according to data released by the national statistical office, INE, on Tuesday.
In the fourth quarter of 2024, the unemployment rate fell to 10.61 percent, a decrease from 11.21 percent in the previous quarter. This marks the lowest unemployment rate since the second quarter of 2008, when it was recorded at 10.36 percent. At its zenith, the unemployment rate reached 26.94 percent in the first quarter of 2013.
The number of unemployed individuals decreased by 158,600, bringing the total down to 2.59 million by the end of the fourth quarter. Employment figures rose by 34,800 during this period, in stark contrast to a decrease of 56,700 in the corresponding timeframe of the previous year.
A sectoral breakdown of the employment data reveals notable growth across various industries: employment in services surged by 24,000, in industry by 7,000, in agriculture by 3,200, and there was a modest increase of 600 in the construction sector.