According to Friday's report from the statistical office INE, Spain experienced a slight decrease in the unemployment rate for the fourth quarter of 2023.
The unemployment rate saw a downturn from 11.84 percent in the previous quarter to 11.76 percent, beating the forecasted rate of 11.9 percent.
The fourth quarter saw a drop in unemployment by 24,600, reaching 2.83 million. This is a cumulative decrease of 193,400 from the previous year.
The data indicates a decline in the number of employed persons by 19,000 compared to the previous quarter, culminating in 21.25 million. Nonetheless, employment saw an increase of 783,000 compared to the same period the prior year.
An analysis of the employment sectors revealed an increase of 68,800 in agriculture and 30,700 in construction. The industry also saw a growth in job creation by 4,900. However, the service sector experienced a contraction, with a decrease of 123,400.
