Spanish unemployment eyeing 20 pct as stimulus fades-UPDATE 3
29.01.10
* Spain unemployment rises to 18.8 in Q4 vs 17.9 pct in Q3
* Higher-than-expected figure comes ahead of austerity plan
* Spain January flash EU-harmonised CPI 1.1 pct y/y
(Releads with Economy Secretary comments)
By Paul Day
MADRID, Jan 29 (Reuters) - Spain's unemployment rate hit a
nearly 12-year high of 18.8 percent in the fourth quarter of
2009 and the government said it could reach 20 percent this year
as billions of euros in anti-crisis spending winds down.
Almost half a million out-of-work builders were contracted
by the government in the second half of last year, paid for by a
stimulus plan aimed at offsetting the immediate effects of the
collapse of the construction industry.
"I don't rule out that at some point this year, temporarily,
the jobless rate will reach 20 percent," Economy Secretary Jose
Manuel Campa told reporters.
The massive state-funded plan was the government's response
to a hangover from a decade-long economic boom fuelled by cheap
credit and a thriving property sector.
Source: Forexyard
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