Spain’s unemployment rate drops to 23.7%

The Spanish unemployment rate is falling, with the number of Spaniards without a job dropping by 195,200 in the third quarter from the previous quarter.

This has been partly driven by a robust summer tourist season.

Spain’s unemployment rate is still the highest in the developed world, however, it has fallen from 24.5% in the second quarter down to 23.7%. Last year the country’s jobless rate was 25.7%.

Spain is the fourth largest economy in the eurozone and it is one of the fastest growing economies after its six-year slump.

In its second quarter the economy grew by 0.6% and the Spanish government forecasts a similar rate of growth in the third quarter. For the full year, the country expects growth of 1.3%, for 2015 is expects 2% growth.

A 2012 labor reform helped relax the rules about hiring and firing workers, which is thought to have played a big role in the creation of new jobs.

In total 151,000 new jobs were created in the third quarter. In the second quarter 402,400 jobs were created – the highest figure since Spain’s property boom in 2005.