Spanish Immigration Economy：On Thursday, the Spanish Statistical Office released data indicating that in the third quarter, Spain's unemployment rate fell to 21.2%, the lowest rate in the past four years. This decline is mainly due to strong job creation in the country, which also increases the likelihood of the current Prime Minister Mariano Rajoy being reelected in 2 months.
According to the data, in the third quarter, Spain, as the fourth-largest economy in the Eurozone, saw a decrease in the number of unemployed individuals by 298,200 to 4.85 million. The number of new jobs created in the country during this quarter was 182,200, of which 152,100 were in the private sector, while the remaining positions were in the public sector.
The data aligns with the Spanish government’s forecasts, which indicated that they expected Spain’s economy to grow by 3% in the third quarter of this year. An estimated 600,000 new jobs were projected for 2015, even as Spain aims to reduce the government budget deficit to 4.2% of its gross domestic product. The recovery of Spain's economy from the severe recession at the end of 2013 to its current growth has indeed come as a surprise, considering the country had experienced five consecutive years of economic decline, with declines reaching as high as 9%.