Spain’s unemployment rate set to increase beyond 5.3million

Is your high street bank ripping you off

Towards the end of last year the National Statistics Institute stated that 5.3 million people were unemployed in Spain. This is predicted to deteriorate further this year with the country’s economy forecast to shrink by 1.5%.

Within the euro-zone, Spain already has the highest jobless rate and with the Bank of Spain predicting an additional shrink in its economy, the country is likely to hit recession territory once again.

The third quarter last year saw 4.9 million registered as unemployed, highlighting the massive increase from the original 21.5% to the final figure in December 2011, which reached 22.8%. Spain has touched its most disastrous unemployment rate in almost 17 years.

In the past twelve months, 577,000 people have lost the hobs in the Iberian nation. The hardest hit regions include the capital Madrid, the Balearic Islands and Catalonia.

The average unemployment rate for the euro-zone in November was 10.3%, a dramatic contrast to Spain’s personal figure of 22.8%. This severe gap indicates how drastic the unemployment situation is in Spain currently.

The latest figures to be announced reveal that more than half of all 16-24 year-olds are out of work.

The fear and anger in Spain is widespread, with public service employees protesting in a range of demonstrations throughout the county.

However, the reigning Popular Party conservative government has assured reforms will be made in an attempt to prevent unemployment rates rising further.

The Bank of Spain blames the euro-zone debt crisis, stating that it has destroyed business confidence and closed off bank credit, causing a large drop in domestic demand.

Transfer Money to Spain

If you are looking to invest in Spain, think carefully about how you will be transferring money to Spain. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to Spain – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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