Spanish registered unemployment surpasses five million

MADRID - Agence France Presse

AP photo

Registered unemployment in Spain surpassed five million in February, labour ministry data released yesterday showed, as the euro zone’s fourth-largest economy contracted and the government imposed steep spending cuts.

The number of people registering for unemployment benefits rose 59,444 or 1.19 percent, over last month to 5.04 million, the ministry said in a statement.

The overall unemployment rate is released separately and quarterly. It stood at 26.02 percent in the fourth quarter -the highest level since the re-birth of Spanish democracy after the death of General Francisco Franco in 1975.

Spain is experiencing a double dip recession, having never recovered from the collapse of a property boom in 2008.

Prime Minister Mariano Rajoy’s conservative government has put in place steep spending cuts and tax rises, aimed at saving 150 billion euros ($194 billion) between 2012 and 2014, which have prompted mass street protests.