In a positive sign for the Spanish economy, unemployment numbers in Spain dropped significantly in March, reaching the lowest level for the month since 2008, according to data recently released by the labour ministry.
The registered unemployed decreased by 48,755 individuals, marking a notable decline of 1.67 percent compared to the previous month. This monthly drop is the largest seen in the past two decades, indicating a robust improvement in the country’s employment situation.
The total number of registered unemployed individuals in March stood at 2.86 million, the lowest figure recorded for the month since 2008. In a year-on-year comparison, the number of people without work plummeted by an impressive 246,503 individuals.
This decline in unemployment was observed across various economic sectors, including services, construction, industry, and agriculture. Notably, the services sector experienced the most significant decrease, with a fall of 42,789 individuals. Construction saw a decline of 3,898, while industry and the agricultural sector witnessed decreases of 3,419 and 2,648 respectively.
Young people below the age of 25 also benefited from this positive trend, as their unemployment rate reached 215,099 individuals, the lowest ever recorded for the month of March in the country’s historical series.
Commenting on the encouraging data, Spanish Prime Minister Pedro Sánchez expressed his satisfaction, stating, “We have the best employment data in the last two decades. We reached the all-time high for average affiliates to social security, and the unemployment figures are the best in the last 15 years. All this despite the situation of international and European uncertainty.”
The decline in unemployment numbers in Spain reflects a growing confidence in the country’s economy and provides hope for continued progress in the labour market.