A Year of Progress in Employment
Spain concluded 2024 with its lowest December unemployment figures in nearly two decades, reflecting steady economic recovery and job growth. The Labour Ministry reported that the number of registered unemployed dropped to 2.56 million, marking a 0.98% decrease from November and a 5.4% decline compared to December 2023.
Labour Minister Yolanda Díaz highlighted the milestone on X, stating:
“We finished the year 2024 as we had started it: reducing unemployment, fighting precariousness, and with the will to go forward. In 2025 we will keep improving data and win over more time to live better.”
December’s unemployment figures, although higher than summer’s tourism-boosted lows, demonstrated significant progress, particularly in reducing youth unemployment.
- Youth Unemployment: The number of unemployed individuals under 25 fell to 185,801, the lowest level in historical records.
- Sectoral Trends: Unemployment decreased in services and agriculture but rose in construction and industry.
Economic Growth Fuels Recovery
Spain’s unemployment rate, historically higher than the European average, has been steadily declining, driven by robust economic growth:
- 2024 Economic Growth: The economy expanded by an estimated 3.1%, outpacing other major eurozone economies.
- 2025 Forecast: The central bank projects 2.5% growth in 2025, which could reduce unemployment further to 2.42 million, according to hiring consultancy Infojob.
The unemployment rate stood at 11.21% in Q3 2024, the lowest since 2008. Updated Q4 figures are anticipated next month.
Steady Job Creation
Spain added 42,700 net formal jobs in December, adjusted for seasonality, bringing total employment to 21.34 million, according to the Social Security Ministry.
Momentum into 2025
Spain’s progress in reducing unemployment and sustaining economic growth underscores its resilience and recovery. With 2025 projected to bring further economic expansion, the government is optimistic about continuing efforts to combat joblessness and precarious work.