August 4, 2020
Social Security membership
Social Security membership latest publications
Social Security affiliation increased by 161,217 people (-3.8% YoY) and unemployment fell by 89,849 (25.3% YoY). Excluding seasonality, employment grew by 150,000 people and unemployment fell by 85,000. However, the estimated impact of the crisis is still significant: 1,175,000 contributors and 843,000 unemployed.
The fall in GDP expected as a result of COVID-19 will be unparalleled in history. The decline in GDP per working-age population in 2020 is expected to be 10% greater than the decline seen in 2019, marking a return to levels seen in 2015.
July 2, 2020
Spain| Historical drop in employment in 2Q, despite the ERTE & the positive figure in June
Social Security enrolment increased by 68,200 people (-4.6% p/a) in June and unemployment rose by 5,100 (28.1% p/a). Adjusted for seasonality, employment grew by 27,400 people, but unemployment continued to rise (80,900). In 2Q20, affiliation fell by 4.7 t/t CVEC and the number of unemployed rose by 18.8%.
The COVID-19 crisis has brought the weaknesses of the Spanish labor market to light once again and it may have a permanent impact on the labor market. Avoiding such a situation must be one of the objectives of the Parliamentary Commission for Social and Economic Reconstruction.
The COVID-19 crisis has brought to light the structural weaknesses of the Spanish labor market. Its lack of efficiency and its duality are some of the main causes of inequality and the lower welfare in Spain compared to other more advanced economies.
Economic activity in Spain is seeing a historically sharp drop. The 5.2% decline in GDP in the first quarter of the year can be explained only if we consider that it dropped by 30%–40% over the last two weeks of March.
Tha main challenge for the Spanish economy after COVID-19 is to implement appropriate measures to mitigate any permanent damage on the economy, and to ensure that we do not see an increase in structural and long-term unemployment rates, a permanent fall in incomes and an increase in inequality.
Pandemic measures against COVID-19 hit Social Security enrolment in March 2020. The effect was greater in touristic areas, especially in the islands and southern mediterranean ones, and smaller in great urban areas, and in the north.