Spain: Unemployment For Under 25s Hits 60%

Written By Unknown on Kamis, 24 Januari 2013 | 16.01

Unemployment in Spain for people under the age of 25 has now reached 60%, according to officially released figures.

Overall, Spain's unemployment rate soared to its highest level since measurements began in the 1970s as a prolonged recession and deep spending cuts left almost 6 million people out of work at the end of last year.

It rose to 26% in the fourth quarter of 2012, or 5.97 million people, according to the National Statistics Institute, up from 25% in the previous quarter and more than double the European Union average.

Spain sank into its second recession since 2009 at the end of 2011 after a burst housing bubble left millions of low-skilled laborers 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 euro zone's largest deficits through billions of euros of spending cuts and tax hikes have fueled general malaise, further hampering demand.

When Rajoy took office in late 2011 there were 5.27 million jobless in Spain.

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