+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

These charts show how ridiculous Spain's labour market is right now

Jan 7, 2016, 16:17 IST

The state of Spain's labour market has been one of the biggest stories in the Eurozone over the last few years.

Advertisement

Basically, it's a total disaster.

At the peak of the country's unemployment crisis in mid-2013, more than 26% of adults in the labour market were out of work, and youth unemployment stood at an incredible 55.7%.

Spain's economy is actually one of the quickest growing in the Eurozone, up by more than 3% in 2015, and things are looking up more generally, but beyond that, the country's labour market is still in dire straits.

This week, despite Spain's problems, Barclays economists Antonio Garcia Pascual and Apolline Menut released what, on the surface at least, looks like a pretty positive note about the country's labour market.

Advertisement

In the note they call 2015 a "surprisingly strong year" for labour markets in Spain, and see hope for the future:

But while the note expresses hope for the future of Spain's labour market, the charts in it strike a different tone, and Barclays calls unemployment "excessively high".

Simply put, if we saw unemployment statistics like Spain's anywhere else in Europe, they'd be absolutely horrific.

According to the latest figures from Eurostat, released on Thursday, Eurozone unemployment fell in November, and is now 10.5%, less than half of Spain's unemployment rate of 21.4%. Only Greece has higher levels of people out of work right now.

Just take a look at it:

Advertisement
Clearly the labour market has started to improve a little in the country, but the unemployment rate is still more than 20%, and the number of those who have been unemployed in the long term is higher than at any point other than at the end of 2014.The charts also show that whilst there has been a bit of a dip in the number of people who are unemployed, there are still around four million Spaniards who are unemployed right now:

That's not exactly what you'd call great.To put the Spanish numbers into perspective, the UK's unemployment rate right now is around 5.2%, and just 1.8 million people are out of work, despite the UK having 18 million more citizens.So while the jobs market in Spain is on the up, don't expect full employment any time soon.

NOW WATCH: The median sale price of a Manhattan apartment is now $1.15 million

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article