Spain forecasts higher jobless rate in 2011 than previously

24th September 2010, Comments 0 comments

Spain's Socialist government on Friday forecast an unemployment rate of 19.3 percent of the work force in 2011, up from the previous estimate of 18.9 percent.

"The recovery in employment is slower than we would like," Finance Minister Elena Salgado told a news conference after a cabinet meeting that approved the 2011 budget.

The government in May had already revised the rate from 18.4 percent up to 18.9 percent.

After reaching an historic low of 8.0 percent in mid-2007, the jobless rate has skyrocketed to 20.09 percent in the second quarter of this year, according to the National Statistics Institute.

Salgado did not provide further estimates of the jobless rate.

The government has forecast a rate of 19.4 percent this year, 17.5 percent in 2012 and 16.2 percent in 2013.

© 2010 AFP

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