Publications

Social Security affiliation grew by 195,700 people, and unemployment fell by 57,800. After seasonal adjustment (swda), it is estimated that the number of contributors increased by 34,000, and the unemployed decreased by 15,000. The proportion of temporary workers enrolled in the General Regime moderated to 13.5% swda.

According to the latest Quarterly Labor Market Observatory, published by BBVA Research and FEDEA, Spain's labor market continues to exhibit strong job creation, although persistent imbalances necessitate structural reforms. Employment growth must translate into greater productivity and equity.

Economic growth in Spain has been based on extensive factors (which may be temporary): incorporating more people into the labor market has been decisive. In contrast, productivity (the intensive and unlimited factor of growth) has yet to take off.

This edition of the OTMT examines labor market trends based on data available through Q1 2025. It reviews the main aggregate indicators and analyzes recent labor market flows, with a focus on closing gender gaps.

The observatory analyzes the cyclical behavior of GDP and exports in Spain up to the first quarter of 2025, highlighting a negative gap in GDP per working age population (WAP) compared to its trend level (-0.9 pp), although its growth slightly exceeds the historical trend.

The images of the floods that hit Valencia last October are still fresh in the collective memory. BBVA Research has developed an analytical framework to make the most of the available information and quantitatively assess both the impact and recovery after a climate disaster.

Spain has led EU growth since the start of the war in Ukraine. However, weak growth in Europe, persistent geopolitical tensions, and erratic U.S. trade policy overshadow the outlook.

National employment grows, mainly driven by non-wage employment (+8% annually in March). Of 1.1M jobs created, most are independent and informal, raising the informality rate to 57.2%. The challenge is to formalize this employment to improve conditions and reduce poverty.