The number of people registered as unemployed in Spain is edging toward five million as the country’s recession shows few signs of abating and its banks struggle to deal with a property market crash.
Spain’s Labour Ministry said today that unemployment rose by 74,296 in November, or 1.5%, to a record high of 4.9 million.
Spain’s unemployment rate is released separately and quarterly. It stood at 25% at the end of the third quarter.
The figures come a day after finance ministers from Spain’s eurozone partners approved the release of €39.5bn in bailout aid for Spanish banks worst hit by the property market collapse in 2008.
The funds are part of a €100bn rescue package which has been earmarked for Spain’s banks.