Spain closed out 2024 with its lowest December unemployment figures since 2007, reflecting steady economic recovery and job growth. According to the Labour Ministry, the number of registered unemployed dropped to 2.56 million, marking a 0.98% decrease from November and a 5.4% decline from December 2023.
A Year of Progress in Employment
Labour Minister Yolanda Díaz celebrated the achievement, stating on X:
“We finished the year 2024 as we had started it: reducing unemployment, fighting precariousness, and with the will to go forward. In 2025 we will keep improving data and win over more time to live better.”
While December’s unemployment numbers were slightly higher than during the summer—when the tourism sector traditionally boosts hiring—the country made significant progress in reducing joblessness, particularly among younger workers.
- Youth Unemployment: The number of unemployed individuals under 25 fell to 185,801, the lowest figure in the historical series.
- Sectoral Trends: Unemployment dropped in the services and agriculture sectors but increased in construction and industry.
Economic Growth Fuels Recovery
Spain’s unemployment rate, long higher than the European average, has been on a steady decline since its mid-2014 peak. The country’s robust economic growth has been a key driver:
- 2024 Economic Growth: Spain’s economy expanded by an estimated 3.1% in 2024, according to the central bank, outpacing other large eurozone economies.
- 2025 Forecast: If the central bank’s 2025 growth projection of 2.5% is met, unemployment could fall further to 2.42 million, according to hiring consultancy Infojob.
The unemployment rate stood at 11.21% in the third quarter of 2024, the lowest since 2008. Updated figures for the fourth quarter are expected next month.
Steady Job Creation
Spain also added 42,700 net formal jobs in December, adjusted for seasonality, bringing the total number of employed individuals to 21.34 million, according to the Social Security Ministry.
Conclusion: Momentum into 2025
Spain’s progress in reducing unemployment and sustaining economic growth underscores the country’s resilience and recovery. With 2025 projected to bring further economic expansion, the government remains optimistic about continuing its fight against joblessness and precarious work.
