Spain | 4Q22 EPA confirmed that the Spanish economy did not create jobs

Summary

Employment hardly changed between October and December seasonally adjusted (0.0% quarter-on-quarter), but hours worked increased (0.5%). Unemployment and temporary employment rates fell (13.0% and 17.9% QoQ, respectively). In 2022, 617,000 jobs were created (3.1%) and the unemployment rate fell by 1.9pp to 12.9%.

Key points

• Key points:
• Employment stagnated, but hours worked increased again.
• Declining employment in agriculture and construction offset increases in industry and services.
• All the employment created was permanent and the decline in the labour force contained the unemployment rate.
• The labour market remained dynamic in 2022 despite the slowdown in the second half of the year.
• The Balearic and Canary islands led job creation in 2022.

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