Unemployment levels in Spain have been falling but still a third of youths are unemployed. Many people in Spain have struggled to find continuous and steady work since the economic crisis, especially so for the younger generation. Many people in their 20’s are financially “dependent on their parents, and sometimes their grandparents”, says Labour Minister Magdalena Valerio.
Spanish GDP is still set to grow over 3% this year despite uncertainties shrouding the disputed Catalan independence referendum. During the third quarter (Q3) of the year, Spanish GDP rose by 0.8%, according to the latest data released by the government’s central statistics unit.
Further upward revisions have been made to Spain’s economic growth forecast for 2017, says BBVA. BBVA, Spain’s second largest bank, presented its economic report, showing economic growth of 3.3% this year, a revision of +0.3% on the previously predicted 3.0% growth.
Unemployment levels in Spain just keep on falling and the running 12 monthly total reveals there is no sign of it slowing down. The number of people registered as unemployed across Spain fell by 3.1% in May, representing a drop of 111,908 to 3,461,128, according to figure released from Spain’s Ministry of Employment.
Spain’s current account balance recorded a deficit of €0.2 billion in February, the best February result seen in decades. The figure was significantly better than in February 2016 when the deficit stood at €1.1 billion. In the 12 monthly run up to February, the current account balance reached an excess of €23.5 billion, a new record over the surplus €22.6 billion reached in January.
Spain’s consumer confidence index soared by seven points in April to 106.7 (on a scale of 0-200), according to a report by the national centre for sociological research (CIS). In December 2015 consumer confidence hit 107.4, the highest level ever seen. The new findings show that members of the public are finally confident in the strength of the Spanish economy, following a year of political uncertainty when consumer confidence fell.