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Unemployment in Spain falls to pre-crisis levels

New labour contracts drawn up over the summer in Spain have reduced the number of unemployed in Spain to 3.13 million, the lowest level in nearly a decade and 2 million below peak levels reached during the financial crisis.

According to the National Institute of Statistics, 27,141 more people were offered employment in July, peak season for the tourism sector in Spain. 19.4 million workers across Spain are now paying into the Spanish social security fund.

As unemployment rates fall for the first time since before the crisis, the current account is also exhibiting a sustained surplus of close to 2% of the Gross Domestic Product, the highest level since the global financial crisis plunged Spain’s property sector and economy into a recession in 2008.

Unemployment levels skyrocketed to 27% of the nations population in early 2013, over 5 million people unemployed throughout Spain, comparable to just 8% before the crisis began. Today's reports situate that number at 15.8%, a vast improvement though job creation and wages remain low.

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