Spain unemployment breaches 27% on recession | Bangkok Post: business

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Spain unemployment over 27%

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The number of jobless rose to more than six million for the first time, climbing to 27.2% of the workforce, compared with 26.02% in the previous three months, the National Statistics Institute in Madrid said on Thursday. That was more than the 26.5% median forecast of eight economists surveyed by Bloomberg. 

In power since December 2011, Prime Minister Mariano Rajoy will unveil on Friday fiscal and policy measures aimed at halting a six-year slump in the euro region's fourth-largest economy. Spain's recession dragged into a seventh quarter in the first three months of 2013, leaving the country with more than a fifth of all jobless people in the EU.

The International Monetary Fund last week cut its 2013 forecast for Spain's growth to a 1.6% contraction from 1.5% and said unemployment will peak at 27% this year.

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