Unemployment in Spain is expected to rise to a little bit shy of 19% during the third quarter of 2009, as a result of the multi-billion euro stimulus plan, which eased the amount of lay-offs that were originally expected to happen during the beginning of the year.
Analysts expected to see unemployment rise as high as 19% from about 18% in the second quarter of the year. This is still a much more gradual increase versus the nearly 3% increase seen between the first quarter of 2009 and the last quarter of 2008.
The Spanish Government anticipates that unemployment will reach a maximum of about 19% in 2010, before the rate begins to once again fall, but data from the European Union shows that this feat was already accomplished in August.
Economists on the other hand expect that the top unemployment in Spain will be somewhere around 20% where it will remain until the close of 2011.