Just over five million people are currently unemployed in Spain, according to figures confirmed this week by the country’s Ministry of Employment.
It represents the record highest number of people out of work and in numbers equates to almost half of the entire population of Portugal.
The recession and the austerity measures taken by the government have dragged Spain into this scenario and it has affected almost every sector. Nevertheless, Spain has so far avoided asking for a bailout under the same terms as Portugal.
In 2012, Spain recorded a deficit of 6.7% of GDP, according to official data revealed last week.