Spainís unemployment remains at 17.9%
News Article Date: Tuesday 27th of October 2009
Spain, Europeís fifth largest economy, has been deeply affected by the global economic crisis.
According to data released by the countryís National Statistics Institute, the unemployment rate during the third quarter was 17.9 percent and remained unchanged from the second quarter. This is the first break in the cycle of eight consecutive quarters of an increasing rate, states the Associated Press.
The data also reveals that there were 4.1 million unemployed workers in the third quarter, making it the highest rate in Europe, notes Reuters.
Economists interviewed by Reuters had expected the unemployment rate to have risen to 18.6 percent during this time.
Estefania Ponte of BNP Paribas told the news agency, "We expected a much higher rate. A lot of employment is still being destroyed in Spain, which doesnít give you a very good base going forward."
Employment predictions from Deputy Prime Minister Maria Teresa Fernandez de la Vega were also grim. She stated, "There will be more quarters when unemployment is expected to rise," according to the AP.
According to the news agency, there are 1.13 million households in Spain with no one working.
The most recent data on unemployment in the 16-country eurozone indicated that the rate was 9.6 percent August.
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