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Spain's jobless rate falls for first time in two years Spain's jobless rate falls for first time in two years
(about 3 hours later)
Spain's unemployment rate has fallen for the first time in two years, according to official figures.Spain's unemployment rate has fallen for the first time in two years, according to official figures.
The rate stood at 26.3% in the second quarter of the year, down from a record 27.2% in the first quarter.The rate stood at 26.3% in the second quarter of the year, down from a record 27.2% in the first quarter.
The National Statistics Institute said the total number of unemployed had fallen to just below six million. A strong tourist season was credited with boosting employment. Tourism accounts for about 10% of Spanish GDP.
But the unemployment rate remains one of the highest in the EU with the Spanish economy still mired in an 18-month recession. The news came a day after the Spanish central bank forecast that the economy will return to growth before the end of the year.
A strong tourist season was credited with boosting employment, with tourism accounting for about 10% of Spanish GDP. It estimated the economy shrank again in the last quarter, but by only 0.1%.
The news will be welcomed by the government of Prime Minister Mariano Rajoy, which has continued to implement austerity reforms but argued the recession will soon be over. Spain has been hit by a double-dip recession since the collapse of the property market during the financial crisis in 2008.
On Tuesday, Spain's central bank estimated that the economy shrank again between the first and second quarter of this year, but by only 0.1%, raising hopes that the economy will begin growing again by the end of the year. The Spanish government of Prime Minister Mariano Rajoy says it also expects the recession to end soon.
The fall in the unemployment rate came as surprise to some. Economists surveyed by Reuters had forecast another rise. Long-term problem
It has cited improving export figures as evidence that Spain can trade its way out of the downturn.
But the country is still implementing austerity measures required by an EU-IMF bailout agreement, and the banking sector is still undergoing restructuring.
Unemployment remains the biggest concern, however.
Spain's National Statistics Institute said the total number of unemployed has now fallen to just below six million.
But the unemployment rate of 26.3% comes only second to Greece as the highest in the EU.
Youth unemployment also remains extremely, high, with more than 56% of Spain's 15-24 year olds out of work.
Some economists question whether seasonal factors such as tourism can have a significant impact on unemployment, which they say is becoming a long-term problem.
Around half of those unemployed have been out of work for more than one year, and there are now 1.8 million households where none of the occupants are in work.