Blogging from the Highlands of Scotland until I return to the Murcia region of Spain
in the Autumn for a month or so

'Fair and softly goes far' - Miguel de Cervantes

Thursday, 26 January 2012

5.4 million estimated unemployed at end 2011 in Spain

(Please see UPDATES at end)

The Minister of Finance and Public Administration, Cristóbal Montoro, has announced that the number of unemployed in Spain is estimated to have reached 5.4 (*) millions by the end of 2011, or about 24 per cent, by far the highest percentage in the EU. This is an increase of 700,000 from the 4.7 millions who were unemployed at the end of 2010. The National Statistics Institute (Instituto Nacional de Estadística -INE) is expected to release the full figures tomorrow Friday.

Exceedingly worrying from many points of view:
- the under-utilisation of so much talent;
- the cost to the economy of paying unemployment to such a high proportion of citizens;
- the social dislocation which has already occurred and may well continue.
(No doubt readers can think of others.)

UPDATE (Friday 27JAN2012 12.30 GMT)(*) The INE have now published employment statistics for 2011 and say total unemployment was 5,273,000 at year-end, with the number of households with no person in employment reaching 1,575,000 which was up 149,800 on the previous quarter. Conversely, households with all persons in active employment fell by 212,300 to 8,846,100. The region with the highest level of unemployment was Andalucia with circa. 1.2 millions (31.23 per cent), followed by the Canaries (341,900 - 30.93 per cent). The linked article has more statistics for those who are interested, although it does not show the figures for Murcia Region - I hope to source these in due course.

2nd UPDATE (Friday 27JAN2012 18.40 GMT) Unemployment in Murcia Region rose by 12,400 to 199,100, or 26.77 per cent. Although the unemployment rate in Murcia Region is higher than the national average, a small crumb of comfort is that it grew during 2011 at only about half the rate (6.66 per cent) than nationally (12.3 per cent), and indeed the growth in unemployment was the second-lowest in comparison with other regions across the country.

0 comments - please add your own: