Spain’s unemployment rate slightly increased in the third quarter to 10.45% of the active population, compared with 10.29% at the end of June, according to data published Friday.
A total of 2.6 million people were registered as unemployed as of September 30 in the eurozone’s fourth-largest economy, representing an increase of 60,100 compared with the previous quarter, the Spanish National Statistics Institute (INE) said in a statement.
In the second quarter, the unemployment rate had fallen to 10.29%, its lowest level since the 2008 financial crisis.
Spain’s unemployment rate, which surged during the COVID-19 pandemic, has significantly declined in recent years thanks to the strong rebound in tourism activity.
Over the past year, the number of employed people rose by 2.58%, reaching 22.4 million, according to INE, amid robust economic growth driven by increased immigration and consumer spending.
According to the Bank of Spain, the unemployment rate is expected to reach 10.5% of the active population by the end of 2025. It is projected to fall below the symbolic 10% threshold by 2027, for the first time in nearly 20 years.
Despite this improvement, Spain’s unemployment rate remains the highest in the European Union and among member countries of the Organisation for Economic Co-operation and Development (OECD).
