Labour market: Economically Active Population Survey (EAPS) Q4-24
January 28, 2025
Introduction
The Spanish National Statistics Institute (INE) has released the results of the Economically Active Population Survey (EAPS) for the fourth quarter of 2024. The survey provides insights into the state of the Spanish labor market, including employment, unemployment, and inactivity rates.
Key Findings
- Employed Population: The number of employed individuals in Spain increased by 1.2% year-on-year to reach 20.5 million in Q4-24. This represents an increase of 252,200 jobs compared to the same period in 2023.
- Unemployment Rate: The unemployment rate fell to 12.5% in Q4-24, a decrease of 0.2 percentage points compared to the previous quarter and 1.5 percentage points lower than in Q4-23.
- Inactivity Rate: The inactivity rate remained stable at 20.1% in Q4-24, indicating that the proportion of the population outside the labor force remained unchanged.
Employment Growth
The growth in employment was particularly pronounced in the services sector, which accounted for 190,100 of the new jobs created. The construction sector also experienced significant job growth, with an increase of 36,400 positions.
Unemployment Decline
The decline in the unemployment rate was driven by a combination of factors, including increased economic activity and government policies aimed at job creation. The number of unemployed individuals fell by 63,600 year-on-year to reach 2.9 million in Q4-24.
Inactivity Remains High
Despite the overall positive labor market conditions, the inactivity rate remains relatively high in Spain. This is partly due to factors such as early retirement, caregiving responsibilities, and a mismatch between skills and job requirements.
Conclusions
The results of the EAPS for Q4-24 indicate that the Spanish labor market is continuing to recover from the COVID-19 pandemic. Employment is growing, unemployment is declining, and economic activity is expanding. However, challenges remain, including high inactivity rates and the need to address the skills gap.
Labour market: Economically Active Population Survey (EAPS) Q4-24
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