- Engracia Hidalgo, the Secretary of State for Employment
The number of people out of work in Spain declined by the most in 14 years, bolstering the view the country's jobs market is recovering. However, hopes for an end of unemployment crisis are still premature. Jobless rate in the Eurozone's fourth-biggest economy unexpectedly decreased by 107.570 in December compared to a decline of 2,475 in the previous month. Throughout 2013, the unemployment figure dipped by 147,385. Nevertheless, the number of people looking for jobs in the country remained extremely high at 4.7 million, making the unemployment rate of 26%, the second highest in the 28-member European Union after Greece. Youth unemployment also fell, contracting 39,742 in December from a month earlier, representing an 8.79% drop. On an annual basis, jobless rate among young people under 25 fell by 9.7% or 44,051.
After the collapse of the property market in 2008, the Spanish economy slid into deep recession that added half a million of unemployed people every year. The crisis aggravated after major Spanish banks required a bailout by the government with the help from European creditors. However, in the third quarter of 2013, the nation's economy managed to expand somewhat, growing by 0.1% on the back of booming summer tourism.
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