LIFE in Spain has often been considered a laid-back, sun-drenched alternative to gloomier spots on the continent.
But in recent years, economic woes have cast a dark cloud over Spain.
And a look at the formidable factors of both unemployment and inflation can be used to understand the misery of economic hardship across the county, according to data published by the INE this Monday.
The Consumer Price Index is a statistical measure of the evolution of the prices of goods and services consumed by the population and it can be used to calculate exactly which countries face the most misery – and the findings certainly don’t make for happy reading.
Spain was found to be the most miserable it’s been in almost 30 years, according to the data which combines the unemployment rate and inflation.
The estimated annual inflation of the CPI in November 2021 was recorded at 5.6%, according to the flash indicator prepared by the INE.
Inflation has become the most serious threat to the Spanish economy as the increase not only puts the recovery of companies at risk it also compromises the purchasing power of citizens.
Significant increases in the price of electricity have had a fundamental impact on the inflation rate and the price of fuel is at a record high with gasoline exceeding €1.5 per litre.
Public expenditures are also linked to inflation, such as contributory pensions, which will rise by 2.5% in 2022.
Despite falling significantly in recent months, unemployment in Spain still stood at 14.57% in the third quarter and is the second-highest unemployment rate of all EU states.
Overall, the data revealed that of all the developed countries, only Brazil and Turkey are worse off than Spain.