The 2023 unemployment rate was 6.5%, up 0.4 percentage points from the previous year and the second-lowest annual rate since 2011, behind the 2022 figure of 6.1% released this Wednesday. at the fair of the National Statistical Institute (INE).
According to INE, last year the average annual number of unemployed people was 346.6 thousand people, an increase of 8.6% (27.5 thousand) compared to the previous year and “breaking a series that began in 2014 and was only occasionally interrupted in 2020.” , with a negative annual rate of change.”
The youth unemployment rate (16 to 24 years old) was 20.3% in 2023, up 1.2 percentage points from the previous year, and the share of long-term unemployed (12 months or more) was estimated at 37. 7%, 7.4 percentage points below 2022.
Of the total number of long-term unemployed, 62.6% were in this position for 24 months or more.
The inactivity rate was 39.9%, down 1.1 percentage points from 2022 and the lowest since 2011.
The Statistical Institute clarifies that in the annual change in the number of the unemployed population last year, the main contribution was made by the growth of the male part of the population (16.8 thousand; 11.4%); people aged 16 to 24 years (12.4 thousand; 18.8%); with secondary or higher education (15.5 thousand; 13.7%); are looking for a new job (22.8 thousand; 8.4%); and unemployed for less than 12 months (40.8 thousand; 23.3%).
In 2023, the total inactive population was estimated at 4986.8 thousand people and decreased by 1.6% (80.3 thousand) compared to the previous year, which corresponds to the lowest annual average since 2011.
“A similar evolution has led to the fact that the inactive population aged 16 years and over, which corresponded to 3530.6 thousand people, decreased by 2.2% (77.7 thousand) compared to 2022 and also corresponded to the lowest annual average value since 2011,” notes INE.
In 2023, the average number of employed people was 4978.5 thousand people and increased by 2.0% (97.1 thousand) compared to the previous year, becoming the maximum value since 2011.
The main contribution to the annual dynamics of the employed population was made by the increase in employment in the female population (53.1 thousand; 2.2%); people aged 55 to 64 years (35.4 thousand; 3.8%); with higher education (46.4 thousand; 2.9%); those employed in the service sector (75.6 thousand; 2.2%), especially in the group of “accommodation, food and similar” activities (36.2 thousand; 12.4%), which accounts for 47.9% of the industry variation; employees (109.2 thousand; 2.6%), with permanent contracts (56.9 thousand; 1.6%); and full-time employees (69.6 thousand; 1.5%).
Last year, the employment rate was 57.0% and increased by 0.9 percentage points compared to 2022.
As for the average annual underutilization of labor, in 2023 it covered 640.5 thousand people, which is 3.3% (20.3 thousand) more than in 2022, while the level of underutilization of labor was 11.7 %, which is 0.1 percentage point higher than in the previous year.
The unemployed population (346.6 thousand) accounted for more than half (54.1%) of the underutilization of the labor force, and the share of part-time underemployment (149.6 thousand) increased by 0.9 percentage points to 23.4%.
INE data also shows that the group of available inactive people but not looking for work remained the third largest component in underutilization of work (17.6%), covering 112.8 thousand people.
Inactive people looking for work but not ready to work (31.4 thousand) account for only 4.9% of the underutilization of the labor force.