Spain's Unemployment Rises to 10.83% in Q1, Largest Increase Since 2020

Spain's unemployment rate recorded its largest quarterly increase since the start of the COVID-19 pandemic, despite the overall resilience of the Spanish economy. This is according to data from the national statistical office, released on Tuesday, April 28, as reported by Bloomberg and «European Pravda».

For the three-month period ending in March, the unemployment rate rose to 10.83%, an increase of 0.9 percentage points from the previous quarter. The last time such a sharp deterioration in the labor market was recorded was in 2020, amidst the pandemic.

Despite the negative employment dynamics, Spain remains one of the most successful major economies in the eurozone in recent years, thanks in part to policies supporting immigration and domestic growth. The Ministry of Economy is trying to maintain cautious optimism, emphasizing that the current unemployment rate is the lowest for a first quarter since 2008.

In comparison, it was reported in February that the unemployment rate in the United Kingdom had risen to its highest level in almost five years amid the introduction of new worker rights. In Germany, 13.3 million people are at risk of poverty.