Spanish Labor Market Closes 2022 With 278,900 More Employees

Spanish labor market ended 2022 with 20.46 million employees, an increase of 278,900 compared to the beginning of the year, the National Institute of Statistics reported this Thursday.

The fourth quarter of 2022, however, had 81,900 fewer jobs compared to the previous quarter, the highest reduction since 2013. The number of unemployed also increased by 43,800 that quarter, the largest increase since 2012.

At the end of the year, unemployment rate in Spain reached 12.87%, which was lower than the figure of 26% at the peak of the economic crisis in 2012. Despite this, more than one million households in Spain had all its members unemployed.

The age group of people below 25 years old had an unemployment of 464,100, the lowest figure since 2019, and also a number of 1.12 million people employed.

In an effort to stimulate the labor market, the government approved labor reform that came into force in August 2022.