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The latest European Employment Report published by Eurostat, the official statistics office of the European Union, states that Spanish unemployment figures have reached 4.4 million and account for 18.7% of the working population.
The report shows that Spanish unemployment started to go up in 2007 and has been increasing â€œdramaticallyâ€VbCrLf since May 2008. The country now has the highest unemployment figures and twice the average unemployment rate of the EU.
Youth unemployment has reached the alarming rate of 37% of the15 to 24 year olds. This equates to a 13.5 higher percentage point compared to last year. The EU estimates that the overall unemployment rate will reach the lower level of 17.3% later this year but will go up to 20.5% in 2010. This contradicts the more optimistic predictions of the Spanish government, which expects that unemployment will not exceed 18.9% in 2010.