Unemployment Rate in Spain Reached Record High

The unemployment rate in Spain reached new record of 27.2 percent of workforce in first quarter of 2013. Official figures revealed that the number of unemployed in Spain crossed 6 million mark, even though the rate of this increase in unemployment slowed down.

The figures describe that Spain has been struggling from the economic crisis which started in 2008. As a result, Prime Minister of Spain, Mariano Rajoy decided to reveal the policy measures and fiscal measures on 26 April 2013 in order to curtail the recession in fourth largest economy of the Eurozone.

It is worth noticing that even the International Monetary Fund in the third week of April 2013, cut the 2013 forecast for the growth of Spain to 1.6 percent contraction from 1.5 percent. IMF also announced that the rate of unemployment will rise to 27 percent in 2013.

Another important fact is that the figure of unemployed in Spain is the highest since 1976. In 1976, the transition of Spain’s democracy began after the death of Dictator Francisco Franco.