Its official when the economy is moving in the right
direction unemployment drops drastically
While there is still the myth that the Spanish economy is still stagnant, official figures from government and European bodies show that Spain has been one of the strongest economic performers in the continent for the past 18 months now.
While 17% unemployment could still be considered pretty high, in relative terms it means Spain is on course for another year of strong economic growth. The rate of unemployment fell to 18.6% in 2016, and it’s predicted that it could fall another 2% during 2017; which would mean over half a million more people in work.
This was the message spread by the Spanish Economic Minister Luis de Guindos last week. The Economic Minister admitted that the unemployment rate in the country was still inadequate, but was still very bullish overall on the long-term prospects.
Economic growth topped 3.2% GDP in 2016, with similar levels of growth expected for this year, and a further +2.5% growth expected for the next four years. The queues in the job centre are getting shorter, and thousands of educated Spanish youth are returning from Germany, the UK, and wherever else they have been, creating what economists feel is more of an opportunity than a burden.
Youth unemployment in Spain is still one of the highest in Europe, reaching over 25%, but there has been plenty of recovery in other industries; evident by the rising number of Spaniards being issued with mortgages. This has left the Spanish youth more confident about their chances of securing a bright future in their home country.