September 20, 2020

Spain closes 2018 with the largest job creation in 12 years | Economy

Spain closes 2018 with the largest job creation in 12 years | Economy


2018 has returned to be another good year for employment. Go five consecutive. And this is the best since 2006. In the last year 566,200 jobs have been created, you have to go back 12 years to find a better exercise. This figure brings to 19.56 million the total number of employed, according to the active population survey released on Tuesday by the Statistics National Institute (INE)

Also on the other side of the labor market, unemployment, the data was good at the end of last year. The total number of people seeking work was reduced by 21,700 in three months and 462,400 in the full year. After doing the subtraction, the total number of unemployed is 3.3 million. The growth of employment and the fall of unemployment have allowed 2018 to close with an unemployment rate of 14.45%. This is two points less than at the end of 2017. The figure is the lowest since the end of 2008.

Spain closes 2018 with the highest job creation in 12 years

The creation of employment in the last quarter of 2018 has accelerated the labor recovery. Employment has grown in a year at a rate of 2.98%. This is the highest percentage since the first quarter of 2016. This figure comes at a time when the warnings that the deceleration is approaching the world economy and, also, the Spanish economy sound strongly.

The five consecutive years of improvement in the employment situation have led to an increase in the active population. Already in recent quarters the number of people of working age and willingness to work has left its downward trend and has now risen again. Between unemployed and employed, in Spain there are 22.87 million people, 103,800 more than a year ago.

The creation of employment in the previous quarter is based exclusively on the public sector, which is the only one that created jobs: 43,400 against a setback of 6,900 in the private sector. However, both of them improved figures at the end of 2017, when one segment of the market destroyed nine times more employment and the other created four times less.

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