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Spain’s job revival has tourism and manufacturing to thank, data shows

Author:   |  August 2nd, 2017

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Spain's tourism industry is vital to its economy, supporting thousands and thousands of jobs across the country.

Spain’s tourism industry is vital to its economy, supporting thousands and thousands of jobs across the country.

Figures are meaningless without context. Which is why news of Spain’s recovering GDP may sound good, but without actually understanding what it means, many people can be left cold…

So while the economists cheer at the projected 3.2% increase in GDP Spain is likely to achieve in 2017, the average Spaniard, expat and holidaymaker may correctly ask: what does that mean for me?

Well, put simply, it means that there are now more jobs and employment opportunities in Spain, which translates to increased consumer spending, more taxes for government and rising property prices and opportunities.

The two main pillars supporting this upturn in Spain’s economic fortunes are undoubtedly tourism and manufacturing – as laid bare in the official data that was published last week.

The national statistics institute (INE) has revealed that at the end of June there were 3.9 million people out of work in Spain, down from 4.25 million at the end of March. During the period between those two figures, some 272,400 jobs were created in the tourism sector in preparation for the busiest time of year for Spain – summer.

And while many of these jobs may well prove to be seasonal, it is estimated that more than 30% are likely to be longer term as the economic rebound continues.

Further data from market analysts IHS Markit has shown that Spanish manufacturing firms increased their employment at the fastest pace in more than 19 years during the month of July – chiefly to keep up with demand for Spanish cars and other goods.

Hence, last month was the strongest month for job creation in Spanish industry since the heady days of May 1998, reports the Financial Times.

What’s more, data from the Bank of Spain has revealed that the net wealth of Spanish families is now rising at a rate of 6.9% per year, which means that the average Spaniard is not only becoming richer and more secure in their job, but also that typical personal debt levels are falling too.

Whichever way you look at it, these are encouraging times for Spain, its economy and – most importantly – its people, native or otherwise.

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