Data Shows Spain has Regained Half of Jobs Lost During Recession
Spain really turned things around in 2016 and it looks like the success is set to continue into 2017. One particularly great statistic is that the Labour Ministry released data showing that Spain has now recovered 1.7 million of the 3.5 million jobs that were lost in the country during the recession.
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| Spain is recovering from all downturns even jobs |
Over 540,000 Spanish people entered the workforce during 2016. This was the largest annual employment growth in over a decade and is a sign that the country has managed to succeed following the post-election reforms; adjusting perfectly to the improving economic situations of Europe.
Labour Minister Fátima Báñez says that there were 390,534 less people registered as unemployed in 2016; the largest drop ever in unemployment. Báñez said that the year was filled with confidence and hope and, while the journey isn’t over yet, Spain will continue to create jobs thanks to the efforts of everyone involved.
It’s incredible to look at the most recent employment charts for Spain. Around 2008 there was a sharp dip in the amount of Spaniards registered as employees (meaning they had a social security number), and it reached a peak low of 16.2 million in 2013. There has been an encouraging rise since then, and it’s expect that there will be over 18 million people in work by the end of 2017; the first time this number has been reached since 2009, before the recession really crippled the country.
There’s a lot of optimism to go around following a growth in GDP of 3% last year, along with predictions that this year will see similar rises and the cost of living being kept low. The end of the political deadlock after 10-months of seemingly endless fighting has also come to an end and left behind a government in the People’s Party that will need to learn the value of compromise.
While some are worried about the influence that the far-left Podemos and the centre-let Socialists could have on the PP, and that it could lead to less of the successful labour reforms Mariano Rajoy introduced when he held a majority government not being allowed to pass anymore, there are some economists who feel that the country can survive without additional reform.
It looks like the most sensible move to make would be to continue on the current path. Báñez says that the PP is ready to sit down with the other political parties to discuss how labour reforms could be improved, and promised that none of the changes to laws implemented, such as making it easier or employees to be hired and fired, would be repealed.
