• The Financial District

1M JOBS LOST IN SPAIN WITH CORONAVIRUS

Spain's coronavirus lockdown has seen at least a million people lose their jobs in just three months, according to the latest data from the National Statistics Institute (INE). INE said 1,074,000 jobs were lost between the start of April and the end of June, according to Euronews.

It means Spain's unemployment rate is 15.33% or 3.7 million people, after 55,000 more registered as being without a job compared with the first quarter. Not everyone that lost their job in the second quarter will have notified the state they are unemployed.

A Flourish chart

"Our goal is clear," tweeted Spanish PM Pedro Sanchez. "Recover with growth and creates jobs. We will dedicate the European funding to it." The second quarter of the year is usually the best for employment in Spain with the beginning of the tourist season and the need for temporary employees in the agricultural sector. The OECD estimates that tourism corresponds to about 11% of Spain's gross domestic product (GDP).

In June, the Bank of Spain forecast a GDP drop of between from 9-15% should "the anticipated risks occur" and the exit from the crisis be slow.


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