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Spain鈥檚 GDP rises in Q3 but unemployment settles at 26%
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Spain said yesterday it has technically escaped a two-year recession by posting feeble growth in the third quarter, but with a jobless rate still towering at 26 percent.
Gross domestic product, or total economic output, edged up by 0.1 percent in the third quarter of 2013, the National Statistics Institute said, confirming preliminary data released a month earlier.
The rise cut an unbroken two-year slump in activity in Spain, the eurozone’s fourth largest economy.
A significant recovery is still a distant prospect for many people, however, notably the 5.9 million in the jobless queue, representing 25.98 percent of the workforce in the third quarter, and many employees suffering from steep wage cuts.
Spain is struggling with the aftermath of a decade-long property bubble that imploded in 2008, throwing millions of people out of work, racking up huge debts for the government, banks and people, and plunging the economy into a double-dip recession.
Prime Minister Mariano Rajoy’s conservative government is forecasting a 1.3-percent economic decline in 2013 and 0.7-percent growth in 2014, a rate seen by many analysts to be insufficient to lead to net job creation.
His Popular Party government, which took power in December 2011, has enacted economic reforms and austerity policies to curb annual deficits and rein in the national debt.
But the painful impact of the spending squeeze, high unemployment, and a slew of corruption scandals have sparked angry street protests.
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