Alex Trelinski
SPAIN’S unemployment total has fallen below 2.5 million for the first time since the height of the financial crisis.
Figures released on Tuesday by the Labour Ministry reported 2.45 million people as being registered as out-of-work during May.
That’s down by 57,835 on the previous month and is the lowest total since July 2008.
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“Only once have we been slightly below that level in Spain, and that’s our objective for the country,” Labour Minister Yolanda Diaz told Radio Nacional.
As is common for the time of the year, the hospitality sector created four out of 10 new jobs in May as the tourist season ramps up
Leisure, entertainment and agriculture also boosted the new jobs total.
Seasonal tourist-related work saw the Balearic Islands labour market grow the most in terms of percentage by 8.7% compared to April.
Above average growth was recorded in Murcia(up 1.46%) and Extremadura(up 1%).
Spain gained more than 190,000 net registered jobs in May, bringing the number of people in a contracted position to 21.8 million- the highest level ever, according to the Social Security Ministry.
Meanwhile, the Organisation for Economic Co-operation and Development (OECD) has lowered Spain’s GDP growth forecast for this year by 0.2% to 2.4% due to the likely impact of a tariff war.
It has recommended IVA tax increases to balance the books and improve spending efficiency by consolidating the country’s public accounts.
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