Money

Spain's Unemployment Rate at Record 26 Percent

| by

Spain recently learned that 26.02 percent of its citizens were unemployed in the fourth quarter of 2012, meaning six million people are out of work.

According to the National Statistics Institute, the unemployment rate rose from 25.02 percent in the third quarter of last year. 

Last year was a difficult year for the country, as it started its second recession in just over three years. It has not been the same since its real estate sector collapsed in 2008. 

In 2012, 691,700 people lost their jobs, and there is now 1.8 million households in which no one is employed. 

Popular Video

This judge looked an inmate square in the eyes and did something that left the entire courtroom in tears:

In an effort to battle the deficit and avoid a bailout, they have made major changes to financial and labor reforms. They've made severe cutbacks in wages and spending and have increased taxes.

These are all things which will eventually help the economy in the long run, but for the time being, its making the country suffer even more. 

During the Great Depression, America's unemployment rate stood at 25%, a number that was previously considered to be one of the highest in the developed world. 

Compared to other European countries, Spain's unemployment is double, and has prompted many citizens and foreigners to move to other countries, including America. 

Statistics show that about 70% more people left Spain in 2011 compared to 2010. 

There are around 700,000 vacant homes, and Spain has started to consider offering residency to foreigners who buy property worth over $200k. 

Houses are going for cheap in the beautiful country. A three-bedroom in Alicante can be purchased for $130,000.