Spain: Labour market is a massive challenge - BNPP

The Spanish labour market still bears the scars of the crisis, even as job recovery takes place at a fairly rapid pace, above 2.5% per annum for more than three years, explains Frédérique CERISIER, Research Analyst at BNP Paribas.

Key Quotes

“Over 1.8 million new jobs have been created since the trough in end-2013.”

“Despite a rapid reduction, the unemployment rate of 16.3% in January 2018 is still one of the highest in Europe. The challenge is all the more difficult that the length of the crisis reduced employability of a large number of unemployed. Buoyant job creations allowed the number of “short-term” unemployed (less than 6 months or less than 1 year) to fall close to pre-crisis level. By contrast, the number of long-term (more than a year) or very long-term unemployed (more than 2 years) remains large. They account for more than half of the total number of unemployed (57% in end 2017).”