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Spain jobless hits record five million

Mon 4th Mar 2013
Spain jobless hits record five million

Spain's National Institute of Statistics (INE) has revealed how the country's rate of unemployment has surpassed 5 Million for the first time ever.

The number of officially registered jobless increased by 1.2% from January to February - with a further 59,444 people finding themselves without work.

The INE's quarterly jobless survey, which reports on the number of registered and non-registered unemployed, showed in January that there were almost 6 million people 'unofficially' without work in Spain by the end of 2012 - amounting to 26% of the workforce.

However, the number of people `claiming unemployment benefit´ should not be confused with the actual number of those who are actually unemployed, given the relatively high number of Autonomo (self-employed) people in Spain who have found themselves without an income, the high number of those working `in the black´ and others who may may ineligible to claim state benefits.

Spain's unemployment rate rose to 26% in Q4, or 5.97 million people up from 25% in the previous quarter and more than double the EU average.