Spain's unemployment rate rose to 15.33 percent in the second quarter of 2020, the highest since the first quarter of 2018, but below market expectations of 16.70 percent with the extent of the coronavirus crisis being masked by leaving out people on furlough and those not meeting technical jobless criteria. The number of unemployed increased by 55 thousand to 3.368 million, while employment declined by a record 1.074 million to 18.607 million. In addition, 1.019 million people dropped out of the labor force.
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 August of 2020. source: National Statistics Institute (INE)
Unemployment Rate in Spain is expected to be 18.90 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 18.30 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.