Spain's unemployment falls to 23.7 pct in 2014

The number of people unemployed in Spain fell by 477,900 in 2014 to an unemployment rate of 23.7 percent, according to the Inquest into the Active Population (EPA) published Thursday by the Spanish National Institute of Statistics (INE).

The total number of people out of work in the country stood at 5,457,700 according to the INE, falling from an unemployment rate of 25.73 percent in 2013.

The 2014 figure is lower than those of 2013 and 2012. However, the unemployment rate is still higher than that of 2011, when 22.56 percent of the country's labor force could not find a job.

Spain's labor force fell by 44,000 people over the last year, especially because of the aging population, the INE said.

The unemployment rate among men stood at 22.80 percent in 2014 with the figure falling by 285,100 over the last 12 months, while women's unemployment rate stood at 24.74 percent falling by 192,800.

Regarding sectors, unemployment fell by 172,800 people in the services sector in 2014, by 69,700 in the construction sector and by 36,400 in the industry sector. On the other hand, unemployment increased by 24,200 people in the agriculture sector.

Meanwhile, the unemployment rate of those between 16 and 24 years old stood at 51.80 percent. It fell by 93,400 people in comparison with a year earlier.

The INE also reported that the number of people looking for a job increased by 30,100 people from the third quarter to the fourth quarter in 2014, 0.55 percent up on the third quarter.

Spanish Deputy Prime Minister Soraya Saenz de Santamaria said the fall in the unemployment rate proved that reforms carried out by the government had produced results.

She was optimistic about the new data, saying that they were the result of the efforts made by the Spanish society, the reforms of the government and Spain's political stability. Endit