Spain's unemployment rate falls, the first time in two years

July 27
10:00 AM 2013

Spain's unemployment rate dropped for the first time in two years. From a high of 27.2% in the first quarter, the figure fell to 26.3% as firms claimed the business climate was improving. The Spanish government also said that the economy is inching its way out of the recession. Although in more stable footing than its other European neighbors like Portugal or Greece, Spain has been grappling with its economy after its housing sector went bust.

When the global financial crisis occurred in 2008, an estimated 3.8 million people have been unemployed and the ranks of its jobless rose steadily from 2011 onwards. At present, there are close to 6 million people who are unemployed. If the drop in the unemployment rate is a good sign, however, Spain still has a long way to go. Although convinced that the country has weathered the worst, Economy Minister Luis de Guindos still called the double-digit unemployment rate "totally unacceptable."

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