Spain Jobless figures rise
The government announced on Tuesday that the number of registered unemployed in Spain has risen again by 82,132 people in February and now stands at 4.13 million as the country remains stuck in recession.
The Employment ministry said that it was the seventh consecutive monthly increase in jobless claims and it follows the rise in January of 125,000.
Deputy employment minister Marvillas Rojo stated that the rise in unemployment shows that adjustments in the job market are still taking place though at a much slower rate than last year.
If compare to other years, the total was up by 646,766 people or 18.6 percent.
Spain only provides quarterly data on unemployment. During the fourth quarter of 2009 it stood at 18.83 percent and, according to the National Statistics Institute, it is one of the highest rates of the 27 members of the European Union.
The country’s economy, the fifth largest in Europe, has proved especially vulnerable to the global credit crunch because growth relied heavily on credit-fuelled domestic demand and a property boom boosted by easy access to loans and this has now collapsed.
The International Monetary Fund predicts that Spain will be the only big developed economy not to post growth this year. It forecasts negative growth of 0.6 percent for 2010 which is twice the figure estimated by the Spanish government.
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