Spain's unemployment total passes five million
Anna Sophia Riley
January 27, 2012
3:30 PM
Spain has been struggling to provide inhabitants with jobs for a number of years. Since around 2008, Spain has suffered from the repercussions of the property bubble burst, after a precursor period of about 4 years of influx in prices by about 44%. Much like what has been happing stateside, Spain is experiencing a large increase in the number of properties in repossession. This is relevant to unemployment rates, as people without jobs cannot payback loans they were forced to over-borrow on.
The unemployment rate in spain is at its highest in 17 years, at 22.8%. This is an astronomical number, especially when we think of it in terms of what the United States unemployment rate is at the moment, currently 8.5%. The numbers show that almost half the young adults in the country are without work, and the nearly five and a half million people total who lack a steady job is double what the average is in the European Union. Similar to what is happening in the United States right now, government is pledging to create and provide reform in order to help provide jobs for citizens.
What is happening in Spain is seemingly a result of the EU's economic crisis. What has been happening throughout the European Union economically, has caused instability in banking, business, and taxing. Many in the European Union believe that the EU economy is at an irreparable downturn, and will shrink, while other economies see more growth.
http://www.bbc.co.uk/news/world-16754600
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