Ouch: Spain Has 20% Unemployment

The overall unemployment rate in the EU is about 10%, but Spain is being especially hard hit by the economy and has reached 20%. Ouch.

The BBC says:

Spain’s unemployment rate has hit 20% for the first time in nearly 13 years, official figures have shown.

There were 4,612,700 people unemployed in the country at the end of March, the national statistics agency INE said.

Spain’s jobless rate has risen sharply during the economic downturn and is the highest in the eurozone.

S&P has downgraded Spain’s government debt based on its bleak economic outlook.

According to WIkipedia other countries with around 20% unemployment include Bosnia and Herzegovinia, Gabon, and East Timor.

Spain unemployment rate hits 20% [BBC]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.