Spanish GDP rises in third quarter but unemployment goes up

THE third quarter of 2020 has seen a remarkable turnaround in terms of volume with GDP up by 16.7 per cent according to the National Institute of Statistics (INE) meaning that Spanish Gross Domestic Product has fallen by 8.7 per cent as opposed to 21.5 per cent in the previous quarter.

There has been a significant increase in demand for goods both nationally and equally importantly internationally which has been one of the main reasons for the increase even though the number of hours worked during the quarter have fallen slightly.

Unemployment continues to rise from 15.3 per cent last quarter to 16.3 per cent this quarter, some 350,000 people bringing the jobless total to 3.7 million and several hundred thousand more are in ERTE (furlough) but receiving financial support from the Government.

The Spanish Government wants to stand by its socialist principles so that it can increase financial support for the most poverty stricken, increase pensions, introduce a basic income scheme and inject greater funding for the health service but this all comes at a cost.

As expected, there will be more taxes on the better off with the introduction of higher capital gains and business taxes and the Government has the funding promised by the European Union to fall back on.

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