Unemployment nearing 14% - its highest level in 9 years
Unemployment grew in 2008 by 1.2 million – an increase of 66.4% compared to 2007. The official unemployment rate is now 13.9% which is its highest level in 9 years.
The figures provided by the Spanish National Institute for Statistics (INE) were compiled using the results of the survey on the active population carried out by thisorganization. The figures for the increase in the number of unemployed provided by the Public Employment Service (previously known as INEM) show that unemployment rose by 999,000 in 2008.
The total number of unemployed in Spain is now estimated to be 3,207,900 which means that the unemployment rate is at its highest level since 2001. In addition, the number of people in employment has seen its biggest fall since 1976 when figures began to be compiled. The number of unemployed then grew by 620,100 in the space of 12 months and by 489,600 in just one quarter.
The last quarter of 2008 was especially bad when unemployment grew by 23.44% which is the highest figure on record. In fact almost half of the total increase in the number of unemployed occurred in the last quarter of 2008 when 609,100 became unemployed.
Overall in 2008 620,100 jobs were lost which meant the number of the active population in employment fell below 20,000,000 (19,856,800) - 3% less than in 2007.
According to figures publish by INE the number of the active population grew by 3% to 23,064,700 in 2008. Jobs occupied by Spaniards fell by 619,600 in 2008 compared to a fall of 600 for foreigners. (-3,52% and -0.02% respectively).
Last year the rate of unemployment among men grew more than among women. Unemployment among women grew by 470,700 (+44.9%) while unemployment among men grew by 809,600 personas (+92%).
According to these figures the unemployment rate for men is 12.96% with an inter-annual increase of 6 points and unemployment among women grew by 15.14% with an increase of four points.
One of the consequences of the sharp growth in unemployment is the growth of 827,200 in the number of households in which all members are unemployed.