The Bank of Spain showed a similarly positive outlook, raising its 2017 growth forecast from 2.5 per cent to 2.8 per cent.
It is thought that the increased surety in finance in Spain and the strengthening economy is down, in part, to a record number of tourists visiting the country’s sunny shores, and strong export figures.
Spain has been suffering a financial crisis since 2008, when the property bubble burst. The country has faced a very long road to recovery, which is far from over, but these figures at least mean notable progress has been made.
And this progress should give hope to Spain’s jobseekers as a stronger economy will hopefully mean new jobs. The Spanish government has been clear that it’s prioritising the reduction of unemployment and has said that, as growth continues throughout 2018 and 2019, around 500,000 new jobs are expected to be created each year.
The sky-high unemployment rate is a major problem for Spain and has been since the beginning of the financial crisis. At 18.7 per cent, it has the second highest jobless population in the Eurozone after Greece. However, the new figures have given the unemployed a reason to feel slightly more optimistic.
Finding work in Spain as an expat
Many expats living in Spain have moved for their retirement, but that’s not to say there aren’t others who are hoping to find work in the country. While finding a job may seem tough, it’s not impossible, and the growing economy is a good sign that it will only get easier to find work in the future.
Yes, there is a lot of competition from Spanish natives and the majority of jobs available on the coast tend to be seasonal jobs in the tourism sector, but there are others – such as IT, medicine, and engineering – that have a shortage of qualified people and are in need of extra expertise.
Networking is key to finding work in Spain, so it’s important to get involved in the community as much as possible – both the expat community and the local community (which means it’s a good idea to learn the language) – to give yourself the best shot at employment.
No matter what happens to the country’s economy, if you’re living in Spain, it’s important to make sure your finances are safe and secure, regardless of whether you’re intending to find full-time employment or simply wanting to enjoy your retirement years in the sun.
And one of the most effective ways to do this is to receive expert financial advice in Spain from a Blacktower adviser. Our advisers can be found at various locations along the Spanish coast, and they can help you sort out your finance in Spain.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Interest rates finally rose above 0.5 per cent in August – almost a decade after the emergency cut to that level. The Bank of England’s MPC voted to raise rates to 0.75 per cent on 2nd August, casting aside worries over a no-deal Brexit, as it said that low unemployment merited a hike to keep inflation on target.
Few financial decisions are as important to an expat as the question of how and where they invest into a pension scheme.