Spain suffered the highest level of joblessness in the eurozone in July, as overall unemployment in the region held steady at a record high.
One out of every four citizens in Spain is unemployed, according to the latest statistics from Eurostat. The situation is even worse for young Spaniards. The unemployment rate for those under 25 years old is now approaching 53%.
Spain has been dealing with high unemployment for years. The nation’s jobless rate has been above 20% since May 2010, according to data from the European Central Bank. In July, the rate rose to 25.1%.
The Spanish economy slipped back into recession during the first quarter and activity has continued to deteriorate. Spanish gross domestic product declined 0.4% in the second quarter.