03.01.202408:22:00UTC+00Spain Unemployment Falls More Than Forecast

Spain's unemployment declined more than expected in December and hit the lowest level for the month since 2007, the labor ministry reported Wednesday.

The number of unemployed decreased 27,375 or 1.0 percent compared to the previous month. This was bigger than the expected fall of 15,700.

Registered unemployment reached 2.71 million, which was the lowest for December since 2007, before the outbreak of the financial crisis.

Unemployment decreased by 25,158 in the service sector and by 1,965 in agriculture. On the other hand, in construction, unemployment grew 5,285 and that in industry climbed 1,481.

Data showed that unemployment among young people aged below 25 reached its lowest level on record. Youth unemployment decreased by 12,014 or 5.83 percent from the last month to 193,965.

The ministry said the year 2023 has been a very positive year in terms of employment despite the uncertainty over the international environment.