The latest figures from the Ministry of Employment showed that in August the number of unemployed increased by 21,884 people (+0.86% m/m), to 2,572,121 people, while economists had expected an increase of 34,300. On an annual basis, the number of unemployed decreased by 130,579 people or by 4.8%.
Compared to July, the number of unemployed decreased in the agriculture sector (-2.337 or -2.60%) and in the group with no previous employment (-3.150 or -1.3%). Meanwhile, an increase was recorded in services (+20.189 or +1.1%), construction (+4.187 or +2.1%) and industry (+2,995 people or +1.5%).
Unemployment among women increased by 10,913 or 0.71%, to 1,550,658 (the lowest value for August since the beginning of statistics), while unemployment among men increased by 10,971 or 1.09%, to 1,021,463. Unemployment among youth under the age of 25 increased by 2,186 people or 1.25% compared to July.
The Spanish economy grew by 2.9% per annum in the second quarter, recording the fastest pace in over a year. In the 1st quarter, GDP grew by 2.6% per annum. According to IMF forecasts, Spain's GDP will grow by 2.4% in 2024 and by 2.1% in 2025.