Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Nigerian web users call for end to violence

Read more

FOCUS

Bitcoin in the US: A monetary revolution?

Read more

ENCORE!

Fast cars and slow trains

Read more

WEB NEWS

Chile: online mobilization to help Valparaiso fire victims

Read more

FACE-OFF

François Hollande: France's most unpopular president

Read more

THE INTERVIEW

Mansouria Mokhefi, Middle East and North Africa specialist

Read more

LIFESTYLES

Sustainable cuisine

Read more

IN THE PAPERS

Google Was Making A Space Elevator And A Hoverboard, But Couldn't Get Them To Work

Read more

IN THE PAPERS

A bitter pill to swallow

Read more

  • Russia and West agree on steps to ease Ukraine crisis

    Read more

  • Wheelchair-bound Bouteflika votes in Algerian election

    Read more

  • With a strong French presence, veterans and fresh faces, Cannes aims to please

    Read more

  • After cup defeat, Spanish pundits read last rites for Barcelona

    Read more

  • Frantic search for survivors of sunken South Korea ferry

    Read more

  • India heads to polls in single largest day of voting

    Read more

  • Ukraine talks open in Geneva as Putin talks tough on TV

    Read more

  • Pro-Russian separatists killed in attack on Black Sea base

    Read more

  • Man executed in Texas for 2002 triple murder

    Read more

  • Scandal-hit French doctor Jacques Servier dies at 92

    Read more

  • Belgian head of wildlife reserve shot in DR Congo

    Read more

  • Crunch talks on Ukraine begin in Geneva

    Read more

  • Stagehand of God? Maradona's legendary goal inspires a play

    Read more

  • US rolls out red carpet for French critic of capitalism

    Read more

  • N. Korea not amused by London hair salon's Kim Jong-un ad

    Read more

  • Real Madrid beat old foes Barcelona to lift Copa del Rey

    Read more

  • France's new PM targets welfare in drive to cut spending

    Read more

  • Campaigning against Bouteflika's re-election... in France

    Read more

  • Brazil club Mineiro cancel Anelka signing after no-show

    Read more

  • Syria 'torture' photos silence UN Security Council members

    Read more

  • Paris laboratory loses deadly SARS virus samples

    Read more

  • More than 100 schoolgirls kidnapped in northeast Nigeria

    Read more

  • New York police disband unit targeting Muslims

    Read more

  • 'Miracle girl' healthy after seven-organ transplant in Paris

    Read more

  • Paris police memo calling for Roma eviction ‘rectified’

    Read more

Europe

Spain's jobless rate nears 25% in second quarter

©

Text by News Wires

Latest update : 2012-07-27

Spain's unemployment rate rose to 24.63% in the second quarter of the year, official figures showed Friday, while joblessness among young people reached a whopping 53.27%. The country is experiencing its second recession in four years.

AFP - Spain's unemployment rate rose in the second quarter to 24.63 percent and a huge 53 percent among the young, despite the start of the tourist season, official figures showed Friday.

The increase in the overall jobless numbers was smaller than in the first quarter, with the number of eligible people out of work rising to nearly 5.7 million people.

Between April and June, 53,500 people lost their jobs, compared with 365,900 in the first quarter, the national statistics office said.

The unemployment rate rose from 24.4 percent recorded in the first quarter -- already the highest in the industrial world -- as Spain entered its third straight quarter of economic contraction.

Among those aged 16 to 24, the rate rose to a huge 53.27 percent from 52.01 percent the previous quarter, reflecting the ongoing impact of Spain's double-dip recession following the collapse of a construction boom in 2008.

The number of households in which all eligible members are unemployed rose by 9,300, reaching more than 1.73 million overall.

The country is in its second recession in four years, hit hard by the bursting of the property bubble that threw millions out of work.

On Monday the statistics office will publish its provisional figure of economic output in the second quarter. The Bank of Spain last week estimated this would be a contraction of 0.4 percent, after a 0.3 percent decrease in January to March.

Under pressure from European authorities, Spain's conservative government has approved tens of billions of euros' worth of spending cuts, tax hikes and other measures.

The latest set of measures announced by Prime Minister Mariano Rajoy on July 11 aimed to save 65 billion euros ($80 billion) over three years.

Rajoy says the steps will help cut the public deficit in line with targets agreed with the European Union and strengthen the economy in the long term.

Critics say the measures will make the poor suffer unfairly from moves such as a public sector bonus cut and a rise in sales tax that together will hit consumption.

Hundreds of thousands of Spaniards have marched noisily in the street over recent weeks in protest at the measures.

The Spanish region hardest hit by rising unemployment was Catalonia in the northeast with a rate of 33.92 percent, Friday's figures showed. The lowest rate was 14.56 percent in the affluent Basque Country.

Spain's regions became a focus of financial concerns this week when Catalonia and others indicated they would need to borrow from a central government rescue fund in order to keep paying their debts.

The Spanish government's latest unemployment forecast is for a rate of 24.6 percent at the end of 2012. This is a separate estimate from that of the statistics office, an autonomous state body.
 

Date created : 2012-07-27

  • ECONOMY

    Markets slump as Spanish debt crisis deepens

    Read more

  • SPAIN

    Spanish anti-austerity protesters clash with police

    Read more

  • Spain

    Spain’s PM outlines drastic spending cuts

    Read more

Comments

COMMENT(S)