Spain's unemployment rate soars to new record

Spain's unemployment rate soars to new record

PanARMENIAN.Net - Spain's unemployment rate soared to a new record of 27.2% of the workforce in the first quarter of 2013, according to official figures.

The total number of unemployed people in Spain has now passed the six million figure, although the rate of the increase has slowed, BBC News reported.

The figures underline Spain's struggle to emerge from an economic crisis which began five years ago.

A big demonstration in Madrid is being planned against the austerity measures.

Prime Minister Mariano Rajoy will unveil on Friday, April 26 fiscal and policy measures aimed at halting recession in the eurozone's fourth-largest economy.

The International Monetary Fund last week cut its 2013 forecast for Spain's growth to a 1.6% contraction from 1.5% and said unemployment will peak at 27% this year.

The jobless figure is the highest since at least 1976, the year after dictator Francisco Franco's death began Spain's transition to democracy.

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