Spain tops another ‘ranking of shame’: the OECD unemployment rate triples in October

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The unemployment rate of the Organization for Economic Cooperation and Development (OECD) it stood at 5.7% last October, one tenth below the previous month’s reading, with Spain – with 14.5% – as the country with the highest unemployment rate.

Thus, the monthly unemployment rate in the OECD area fell for the sixth consecutive month in October 2021, but at a slower rate than in previous months, and is 0.5 percentage points above the pre-pandemic rate observed in February 2020. Overall, the number of unemployed workers in the OECD area continued to fall in October 2021, when it fell by 200,000 unemployed to 38.3 million, a figure still 2.8 million above the level. February 2020.

Among the OECD countries, the highest unemployment rates in October were registered in Spain (14.5%), which is at the top, followed by Colombia, with 13%, and Greece, with 12.9 %. In contrast, the lowest unemployment levels were observed in the Czech Republic, with 2.6% and in Japan, with 2.7%. Regarding unemployment among those under 25 years of age, the OECD unemployment rate stood at 12.1%, one tenth more than in September, with Greece (33.2%) and Spain (30.3%) as the countries with the highest youth unemployment, while Japan (4.1%) and Germany (6.5%) registered the best data.

The Spanish economy grows less than the European average

According to data published by Eurostat This Tuesday, the Gross Domestic Product (GDP) of the euro zone registered an expansion of 2.2% in the third quarter of the year, in line with the data for the second quarter, which boosted employment growth by 0.9% , one tenth above the increase observed in the second quarter.

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Compared to the third quarter of 2020, the euro zone economy grew by 3.9%While that of the Twenty-seven increased by 4.1% thanks to the improvement in household consumption due to the elimination of restrictive measures by the different governments. However, the new South African variant could reduce private spending for the fourth quarter of the year.

For his part, Gross Domestic Product (GDP) on Spain posted 2% growth in the third quarter below 2.2% of the euro zone average. A trend that has occurred in each quarter of 2021. Thus, in the second quarter of 2021, Spain had grown by 1.1%, compared to 2.2% in the euro area, and in the first three months of the year Spanish GDP contracted by 0.6%, compared to the average decline of 0.2% in the euro area. Some data that reflect how Spain is registering a recovery of the economy that is lagging behind -as the International Monetary Fund (IMF)– than the average of the euro zone.

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