According to the Spanish National Statistics Institute (INE), 2.6 million people were registered as unemployed as of September 30, in Spain, the Eurozone’s fourth-largest economy.
In a statement, the Spanish public body reported that 60,100 more individuals became unemployed compared to the previous quarter.
The INE noted that in the second quarter, the unemployment rate dropped to 10.29%, the lowest level since the financial crisis of 2008.
Spain’s unemployment rate, which had surged during the Covid-19 pandemic, has decreased in recent years due to tourism, according to the INE.
Additionally, over the last year, the number of employed individuals increased by 2.58% to 22.4 million, amidst an economic growth context driven by rising immigration and consumption.
The Bank of Spain forecasts that the unemployment rate will reach 10.5% of the workforce by the end of 2025.
Spain’s unemployment rate remains the highest in the European Union and among OECD (Organization for Economic Co-operation and Development) countries.
