BBVA predict lower rate of unemployment than originally estimated

 

A recently released report on the financial situation in Spain has predicted that Spanish unemployment will hit 24.6% by the end of 2013, and reach 24.8% during the course of 2013.

The estimates for both years are 0.2% lower than previous estimates by the Bank, and lower than the 24.3% and 24.2% forecast by the Government.

The government already expects to see unemployment rising from 4.7 to 5.6 million by next year, but the Bank predicts that figures could reach as high as 6 million.

unemployment in Spain currently stands at it's highest level ever recorded, with the highest rate of unemployment in the whole of the EU.

The predictions of both the Central Government and BBVA agree that Spain will continue to have the worst unemployment record in Europe for at least a further 2 years.