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Spain / Labour market ends 2017 with the largest job creation figures since 2005

Publicado el 03/01/2018

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Spain ended 2017 with 611,146 more employed people, a notable improvement from previous four years registers. Social Security affiliates rose 3.4% to 18.46 million. Labour market’s performance over the year was better than expected at the start of 2017, what anticipates that GDP growth will be like 2016 growth rate. After a loss of momentum in the 3Q17, the performance over the last few months of the year would point to a renewed dynamism in activity.

Job creation increases

The number of Social Security registered members grew in December in 42,444 people, slightly less than a year earlier (+68.531). In seasonally-adjusted terms, the 4Q17 saw a quarterly rise of 0.91%; this would signal accelerated growth in GDP in that quarter.

The average annual rate grew 3.56% in 2017 compared with 3% in 2016.

By sectors, the growing dynamism of the manufacturing industry in 2017 is worth highlighting, as well as the construction sector and administrative activities, all of which have contributed to the acceleration in job creation. Meanwhile, the hotel and business sectors lost some of their intensity, although they continue to concentrate a big part of the jobs created in 2017. At the same time, there was a decline in the pace of job creation in the self-employed segment. The only sectors which are still seeing jobs adjustment are financial activities and agriculture.

By regions, there was still strong growth in the Balearic and Canary Islands, although not quite as intense as in 2016 when growth was extraordinary. Catalonia also saw more moderate growth in job creation last year. But other regions saw an acceleration in growth, particularly Castilla La Mancha, Navarra, Aragón, Madrid and Extremadura.

Unemployment falls to lowest level in eight years

The number of unemployed registered fell by 61,500 people in December to 3.41 million, a decline of 7.84% over the year. Except in the months of July and August, when there was a rise in unemployment in seasonally-adjusted terms, the trend in the unemployment has been very positive throughout the year.

Permanent contracts are on the rise, but they only represent 9% of total

In terms of the number of contracts awarded in 2017, there was a 7.62% year-on-year rise to 21.5 billion. There was a 12.6% rise in permanent contracts and a 7.15% increase in temporary ones. Just 8.97% of all contracts were permanent, although there was a slight rise on 2016 (8.58%). In December, there was a decline in contracts (-2.8%), due to the drop in temporary contracts (-3.5%), while permanent contracts grew 7.2%.

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