Spain unemployment hits record levels

Suzie Neuwirth

SPAIN'S unemployment rate hit a new record of 27.2 per cent in the first quarter of 2012, according to today’s data from the National Statistics Institute.

This equates to 6.2 million people now out of work, a rise from the 26 per cent for the last quarter of 2012.

The news contrasts to Spanish Prime Minister Mariano Rajoy’s predictions earlier this month that Spain was on its way to returning to growth.

Youth unemployment is particularly high in Spain, reaching a new record of 57.2 per cent, according to today’s labour market figures. This is compared to 55.1 per cent in the last quarter of 2012.

1.9 million households now have all of their members out of work.