# Spain’s unemployment rate inches up to 12.87% in Q4 2022
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-01-26
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Spain Unemployment Rate Rises to 12.87% in Fourth Quarter
Meta Description: Discover the latest data on Spain's rising unemployment rate in the fourth quarter of 2022, with insights into the job market and economic outlook.
URL: https://financedigest.com/spains-unemployment-rate-inches-up-to-12-87-in-q4-2022html

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(Reuters) -Spain’s unemployment rate rose to 12.87% in the fourth quarter of 2022 from 12.67% three months earlier, data from the National Statistics Institute showed on Thursday, pushing the number of unemployed people above the 3 million threshold.

However, the unemployment rate during the quarter was the lowest in a fourth quarter since 2008, the report showed.

The number of unemployed people rose to 3.02 million, up from 2.98 million three months earlier, while the number of employed people fell 82,000 during the quarter, when traditionally companies in the tourism and retail industries hire more people.

Economists polled by Reuters had forecast Spain’s [unemployment rate](https://www.financedigest.com/u-s-job-growth-powers-ahead-unemployment-rate-at-3-4.html "U.S. job growth powers ahead; unemployment rate at 3.4%") would fall to 12.50%. The rate was 13.33% in the [fourth quarter](https://www.financedigest.com/german-gdp-contracted-by-0-4-in-the-fourth-quarter.html "German GDP contracted by 0.4% in the fourth quarter") of 2021.

The unemployment rate had continuously declined [since hitting a peak of 16.26% in the third quarter](https://www.financedigest.com/first-quarter-dash-for-cash-largest-since-early-2020-bofa.html "First quarter ‘dash for cash’ largest since early 2020 -BofA") of 2020 during the pandemic.

The weaker than expected employment data doesn’t bode well for fourth-quarter economic growth data due on Friday, although Prime Minister Sanchez has recently said the country’s economy [expanded a faster](https://www.financedigest.com/forescout-and-fireeye-expand-partnership-enabling-faster-response-to-cybersecurity-threats.html "FORESCOUT AND FIREEYE EXPAND PARTNERSHIP, ENABLING FASTER RESPONSE TO CYBERSECURITY THREATS") than expected 5% in 2022.

(Reporting by Marta Serafinko; Editing by Inti Landauro and Christina Fincher)


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