Spanish unemployment rate finally dropped after a two-year continuous rise and business was looking up, commented a few of the country's largest firms on Thursday. The announcement came in line with the government's earlier claim that Spanish economy is recovering from recession. A central bank report supported the news that Spain's economy came close to stabilizing in the second quarter, reinforcing Prime Minister Mariano Rajoy's belief that Spain would be able to overcome its two-year economic downward spiral as early as the current quarter.
"Even seasonally adjusted (unemployment) data is better than we expected, which is in line with the economic improvements forecast by the Bank of Spain," remarked think tank Funcas economist Angel Laborda.
The drop in the unemployment figures from 27.2% in the first quarter of 2013 to 26.3% in the second, however, did not impress Economic Minister Luis de Guindos who called the number "totally unacceptable". The figure reflected how much the country still has to overcome in terms of jobs and economic recovery.
Spain remains one of the Euro Zone's most troubled economies, mosty as a result of the bank bail out after a housing market loss. But it is stronger compared to struggling neighbors Portugal and Greece.
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