Spanish unemployment fell in Q3 2016 to 18.9%

Spanish unemployment fell in Q3 2016 to 18.9%, which is the lowest level in over six years and beating the economists forecasts. Even without working government during the last 6 months, Spain continue to report good economy data, after the employment in the service sector rose by the record tourist visits in the summer months. During the reported period, the Spanish unemployment dropped by 1.1% against the previous quarter, which is the lowest level since the fourth quarter of 2009. Moreover, this is the first time in six years, when the unemployment fells below 20%.

However, Spain still has one of the highest unemployment rates in the Eurozone.

Economy Minister Luis de Guindos said the unexpectedly good result is the consequence of the intensive and balanced growth of the Spanish economy.

With GDP growth of 3.2% over the previous year and forecast growth of 3.0% for 2016, puts the country among the fastest growing in Europe.

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