Spain’s unemployment rate edged down in the third quarter, buoyed by an expansion in the services sector, according to recent data released by the National Statistics Institute (INE). The jobless rate decreased from 11.27% in the second quarter to 11.21% between July and September, a positive shift attributed to seasonal job growth in the service-driven summer months.
The quarter’s job creation reached 138,300 new positions, the majority of which were in the services sector, reflecting the impact of Spain’s busy tourist season. As the second most-visited country in the world, Spain saw a summer surge in hospitality, retail, and tourism-related jobs.
In a milestone for the labour market, a record 3.3 million foreign nationals were employed in Spain during the summer. This is an increase of 180,000 non-Spanish workers over the past year. Of these foreign workers, around 2 million have lived in Spain for over seven years, with an additional 594,000 residing in the country for four to six years.
The fourth-largest economy in the European Union, Spain has made significant strides in stabilising employment and supporting economic recovery, a message the Socialist government continues to emphasize amid ongoing political debate.