Spanish unemployment reaches record high

<p>Unemployment in Spain is at a record high.</p>

Unemployment in Spain has reached a new record high and around six million people in the European nation are now out of work.

New data has shown the unemployment rate in Spain rose to 27.2 per cent in the first quarter of the year, which is higher than it has ever been recorded.

Spain's prime minister Mariano Rajoy is set to unveil fiscal and policy measures later today (April 26th) that are aimed at halting recession in the eurozone's fourth-largest economy.

"These figures are worse than expected and highlight the serious situation of the Spanish economy as well as the shocking decoupling between the real and the financial economy," said Jose Luis Martinez, strategist at Citi.

Spain has struggled to emerge from the global financial downturn and the International Monetary Fund recently cut its 2013 forecast for Spanish growth to a 1.6 per cent contraction from 1.5 per cent, while it forecast unemployment would peak at 27 per cent this year.

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