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Spain’s crippling unemployment may be on the up
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UNEMPLOYMENT in Spain has fallen below 25% for the first time in two years.
The economy is signalling a revival after an extra 402,000 people secured work in the second quarter of this year.
A seasonal boost in the tourist sector has been flagged as the main reason, which helped to push the official jobless rate down to 24.5%, from 25.9%, in the first three months of the year.
“These figures are much better than expected and, while there’s an important seasonal element, seasonally-adjusted figures are also strong,” said Jose Luis Martinez, an economist at Citi in Madrid.
Before the crisis, unemployment in Spain was just 7%, but this rose dramatically to nearly 27% as a result of the recession.
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