Spain struggles with the record high unemployment…

Tuesday, 3 April 2012 01:19

The number of unemployed people in Spain increased again in March and reached record high 4.75 million.

According to data released yesterday by Eurostat, Spain struggles with the highest unemployment rate among European Union countries (23.6%).

Forecast says about 24.3% at the end of the year.

Despite the recession Spanish government committed itself to decrease deficit from 8.5% of GDP to 5.3% and forecasted economy expansion by 1.7% this year.

The reform accepted by politicians in February is suppose to simplify labor law and facilitate creation of new jobs.