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Immigration has been a key factor supporting the growth of the Spanish economy in the wake of the pandemic. The labor market, economic and social integration, and training of immigrants all require priority attention from policymakers.
Social Security affiliation increased by 8,800 while unemployment by 3,200. After adjusting for seasonality, the number of contributors rose by 24,000, and the unemployed dropped by 14,000. In Q3 2024, affiliation grew by 0.3% QoQ SWDA (0.8% in Q2 2024), and unemployment declined by 0.8% QoQ SWDA (-2.1% in Q2 2024).
Since the beginning of the war in Ukraine, Spain has grown more than the EU, but the data offers an alternate view when, instead of comparing the aggregate performance of activity and employment, we focus on per capita growth.
Social Security affiliation fell by 9,800 people, and unemployment decreased by 10,800, slightly worse than expected. Adjusted for seasonality, the number of contributors increased by 3,000, 22,000 less than in June, and the unemployed dropped …
Since 2013, labor productivity in the construction sector, measured as GVA per hour worked in real terms, has fallen by more than 20%. In comparison, the growth in the same indicator for all sectors is 5%.
In 2025, the Galician economy could report a 6.4% increase in GDP per capita when compared with 2019, the largest advance within Spain. This brings the autonomous region one step closer to converge with the country as a whole.
Despite the slowdown, permanent formal employment has shown constant gains. In June, formal employment had a year-on-year growth of 2.0%, 0.1 percentage points below our forecast, confirming the expected deceleration trend.
Social Security contributors rose by 71,100, while unemployment fell by 46,800, aligning with expectations. Seasonally adjusted, affiliation grew by 0.8% QoQ in Q2 2024, slightly higher than in Q1 2024, and unemployment decreased by 2.1% QoQ (-…
Output will grow 2,9% this year (previous forecast: 2,7%), supported by a new pension funds withdrawal. Sectors affected by weather anomalies in 2023 will recover and non-primary sectors too thanks to increased private spending. In 2025, once t…
Formal employment in Mexico continues decelerating, growing 2.2% in May 2024, 0.2 percentage points lower than the previous month. Job creation is expected to pick up in the third quarter but at a slower pace than in 2023.
Social Security enrollment grew by 220,300 and unemployment fell by 58,700. Seasonally adjusted, it is estimated that the number of contributors increased by 60,000, but the number of unemployed hardly changed. The percentage of those affiliated to the General Regime with temporary contracts stabilized at 14.4% CVEC.
The employment resumes growth in April (2.5% year-on-year); this rebound in employment is explained by the negative impact of the previous month's Easter week. A change in the employment creation trend is not anticipated but rather seen as a temporary adjustment
