Financial News
- 25 January 2013, 15:22
Spain: Unemployment For Under 25s Over 55%
Unemployment in Spain for people under the age of 25 has reached almost 60%, according to officially released figures.
The National Statistics Institute said the jobless rate for the last three months of 2012, for those aged 16 to 24, has soared to 55.13%.
The unemployment figure for young people was up from 52.34% in the previous quarter.
Overall, Spain's unemployment rate has risen to its highest level since measurements began in the 1970s, as a prolonged recession and deep spending cuts have left almost six million people out of work at the end of last year.
The nationwide jobless total rose 1% to 26.02% in the fourth quarter of 2012, or 5.97 million people, according to the National Statistics Institute.
That is up from 25% in the previous quarter, and more than double the European Union average.
More than 2,000 Spaniards a day joined the dole queue in the last three months of 2012.
The results mean in Q4 there were 8.33 million Spanish households in which every potential worker was unemployed.
"It is a very, very high figure," Soledad Pellon, market strategist at IG Markets in Madrid, said.
"The expectation is that this figure will carry on growing during 2013. This year will still not be a year in which we will see job creation."
Spain sank into its second recession since 2009 at the end of 2011, after a burst property bubble left millions of low-skilled labourers out of work and sliding private and business sentiment gutted consumer spending and imports.
Efforts by Prime Minister Mariano Rajoy's government to control one of the eurozone's largest deficits through billions of euros of spending cuts and tax hikes have fuelled anger and dampened demand.
When Mr Rajoy took office in late 2011 there were 5.27 million jobless in Spain.
The economic downturn put an average of 1,900 out of work every day through 2012 and, with the recession expected to last at least until the end of 2013, net job creation is unlikely this year.
In comparison to the Spanish unemployment rate, Britain's jobless level for those aged 16-24 was 20.5% in the period September to November in 2012.
That level was unchanged compared to the previous quarter and down 1.7% against a year earlier.
what do you think?
david
the gravey train has ended.when spain move to the euro the made a mint over night,,,prices went up 25% for tourists at the time when i went on holiday i told them 1 day this will come back and bite you on the ass
david
over the next 10 years countries will go back to there own money,,wait and see
ali baba
wow
David Francis
Nice to see people thinking long and hard about their comments......................NOT
Paul Grice
We will not need a referendum. Europe will do it for us When you have this amount of unemployment in these counties and the financial mess these counties are in its only a matter of time and time is running out
blue side
It seems from reports that many of these are qualified which raises several questions about education and the play made by politicians and educators alike. Maybe Spain is another member country needing to rethink it EU Membership. So I understand thier cost of living went up over 100% thanks to their joining the Euro. Many things point to this mania for union and the effect it has on such diverse economies as exist within the EU
davenlesley
Nice to see the Euro is working perfectly well as we expected. Keeping Northern Europe rich and Southern Europe poor. 60% youth unempolyment is horrendous and I wonder how much longer this failed experiment can be sustained at such cost.
blue side
Too many political gains to be made - where Hitler failed Merkel succeeds: and not a shot fired
pjbeckett
Tell that to the Germans, then start running !
blue side
pj seems they are the ones driving the train
blue side
There were reports that Germany has stocks of Deutschmarks recently printed - can not confirm this
Paul Grice
Blue side I read the same about 18 Months ago also in the same report was France as done the same. The two big countries pushing the EU and the euro edging their bets behind closed doors
Michael Hawkins
paul France is little better of than other countries which is why they keep in with Germany Germany will keep bailing out France on the quiet, because they need the support
Steve V
Scary. So many disillusioned youth with time on their hands is a recipe for anarchy, civil war, revolution. Yet Merkel et al would rather save their political skins than the future of Europe's citizens.
Michael Hawkins
The youth will be too busy in their bedrooms on the play stations
davenlesley
Steve. Don't worry the EU won the nobel peace prize they will know what to do
blue side
As we all seem agreed about the Euro let me say at uni one of my courses had representation from most of the member states and they were all youngsters (pre 25 - I was granddad) this was just before the Euro was adopted and to a man and woman non wanted the Euro they were happy to be part of the EU - from that I argue the Euro was to suit the politicians not the peasants (the people). The convergence dreamed of has in fact created divergence which will undermine all.
sunshine
The sorry plight of these poor youth is a result of Spain and especially Spanish citizens spending what they couldn't afford and building an economy based on property. They have been living a lie and they know it
Gordon Wright
While on Holiday in Ibiza in 2005, my wife and met a young Irish couple who had this to say about the Euro. "If you get a chance to vote, vote against it, adopting the Euro has increased the household budget of every Irish household by something like 14%". I've never forgotten those words.............
pjbeckett
It is a fact, once upon a time smuggling from the Republic to N.I. was rife, now it is the other way round.
stevie may
9:12am on 24/1/2013
Feel sorry for the young people of Spain, Greece and the UK. Talk about a lost generation. The only option they have is to turn to criminality or starve. Meanwhile the real criminals remain in power, untouched by poverty or hunger. It is a constant source of surprise to me that revolutions haven't broken out across Europe already. . Give it time
TIM x
9:40am on 24/1/2013
Good heavens am I partly agreeing with you this morning? Must be something in my tea. The criminals you are referring to are the unelected bureaucrats in the European superstate. Yes there will be riots and disorder when the euro finally collapses as it will because you can't have one currency and have several different fiscal police's but whether a Spanish che will march triumphantly into Madrid with his red flag flying on his tank is another entirely!! Don't forget to yell "power to the people" somewhere today :-D
stevie may
10:30am on 24/1/2013
Wouldn't know timmy. . Never been a communist. Socialist. Trotskyite. Anarchist. . Anyone who seems to disagree with you gets branded one of the above. You have no concept of political demarcation and your uneducated rants just detract from the points you try and make. Europe isnt the enemy of the people. Try your own personal greed and love of immoral thatcherite policies. Shame
David Francis
11:28am on 24/1/2013
Er .... havn't we seen a bit of disorder in the last couple of years in Greece? I swear I've seen a bit of rioting on the TV news! I cannot condone it but what does it take to get the (mostly unelected) powers that be to listen to the people.
stevie may
12:33pm on 24/1/2013
David - Direct action is the only language governments understand