Spain's unemployment rate rose to 16.26 percent in the third quarter of 2020, the highest since the first quarter of 2018 and above market expectations of 15.90 percent, as the coronavirus pandemic hit the labor market. The rate does not include furloughed workers, meaning the true figure could be significantly higher. The number of unemployed people increased by 355 thousand to 3.723 million, the largest quarterly jump since 2012; while employment rose by 569.6 thousand to 19.177 million, after falling by a record pace in the previous period. Young people were the most affected as the unemployment rate among the under 25s was up to 40.45 percent in the third quarter. Q3 is usually the time of the year when more people are working in Spain as tourism boosts seasonal employment, but hospitality, accommodation and transport are among those activities that have suffered the most from Covid-19. source: National Statistics Institute (INE)
Unemployment Rate in Spain averaged 16.45 percent from 1976 until 2020, reaching an all time high of 26.94 percent in the first quarter of 2013 and a record low of 4.41 percent in the third quarter of 1976. This page provides the latest reported value for - Spain Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
Unemployment Rate in Spain is expected to be 19.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Spain to stand at 17.70 in 12 months time. In the long-term, the Spain Unemployment Rate is projected to trend around 17.20 percent in 2021 and 15.50 percent in 2022, according to our econometric models.