Pain in Spain as Employment Falls Again

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Leading UK price comparison website, compareandsave.com, comments on BBC news story concerning the quarterly European employment figures, which show general unemployment in Spain has risen to 27.16%.

Paper Plans on String Above

More Pain in Spain!

Globally, people are straightening their finances and facing up to the fact that good money management is absolutely crucial for happiness and wellbeing.

In contrast to recent good economic news, Thursday’s European quarterly statistics on unemployment, as reported by the BBC, spell more discomfort for Eurozone leaders (especially in Spain).

The numbers reveal that Eurozone unemployment continues to grow. In Spain, over one quarter of the workforce is now unemployed; a total of around six million people. The Spanish government will draw some comfort from the fact that the rate at which unemployment is growing has declined. Indeed, the Spanish Prime Minster has responded by boldly claiming, “...next year we will have growth and jobs will be created in our country...”; but with the Spanish economy reported to be likely to decline by 1.6% this year (BBC) and smaller Spanish companies continuing to shed jobs, the assertion could be viewed as optimistic.

Despite the disappointing employment figures, there was some good news for Spain as exports were up, giving rise to expectations of more positive balance of payments news in the near future.

Perhaps from a Spanish perspective, even better news was that, as the BBC’s Gavin Hewitt explains, although “...Spain will miss the target for cutting its deficit...”, it will however probably “...discover that Brussels is more relaxed and, most likely, will give Madrid more time.” Whether this will foster goodwill and win back the confidence of the Spanish people towards Brussels is unknown; given that research from the European Council on Foreign Relations, also reported by the BBC, found that 72% of Spaniards did not trust the EU.

A spokesperson for compareandsave.com commented:

“Times are tough across Europe at the moment. Austerity is proving uncomfortable for all nations and only time will tell whether it’s the right medicine.

"One broader positive effect of the credit crunch seems to be that globally people are straightening their finances and facing up to the fact that good money management is absolutely crucial for happiness and well being.”
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compareandsave.com is one of the UK's leading personal finance comparison websites. Based in Colchester, Essex, compareandsave.com has been helping UK consumers get a better deal on credit cards, saving, loans and more for over five years.

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Mark Scott
Freedom Marketing Limited
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