Blogging from the Murcia region of Spain until early June, when I return to
the Highlands of Scotland for a few months

'Fair and softly goes far' - Miguel de Cervantes

Thursday, 24 July 2008

Spanish unemployement rises in second quarter 2008

Unemployment in Spain is up to 10.44 per cent in the second quarter of 2008, from 9.6 per cent in the first quarter, according to the Instituto Nacional de Estadísticas (INE) (National Statistics Institute) and is predicted by the Government to rise to 11 per cent in 2009. It had reached an historic low in 2007 of 7.95 per cent, but in the third quarter the rate began to rise, because of the crisis in the construction industry and the general economic slowdown.

The International Monetary Fund (IMF) last Thursday revised downwards its forecast for the growth of the Spanish economy in 2009 to 1.2 per cent, whilst confirming its growth forecast for 2008 of 1.8 per cent and says that Spain will be one of the countries most severely affected by the global financial crisis, having seen its growth rate fall dramatically from 3.9 per cent as recently as 2006.

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