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Spain has one of the highest unemployment percentages compared to other OECD countries. There has been a rise in the number of people without work since the 1990s, and this trend has roots that date back to Franco’s days when employment began rising in Spain during the 1970s. Although unemployment is a problem in other OECD countries such as Italy and Turkey, data shows that the issue is more substantial in Spain.
Since the economic crisis of the 1980s, unemployment has never dropped below 8%. One leading cause is because the economy is based principally on the tourism and building sectors and a lack of industry. The most industrialised region is the Basque Country, where industry is approximately 20–25% of its GDP; the unemployment rate there is 2.5 times lower than in Andalusia and the Canary Islands, where industry is only 5–10% of the GDP). In the last 30 years, the Spanish unemployment rate has hung around double the average of developed countries, in times of both growth and crisis. Since the start of the 1990s crisis, unemployment dropped from 3.6 million to 2 million. However, that figure rose sharply during subsequent years, and with the current COVID-19 crisis is now around 3.31 million.
One way of beating the problem of unemployment in Spain is to start your own business.
During the last few years, in order to provide a boost to stimulate economic growth, the government of Spain introduced labour market reforms, making it easier and cheaper for people to become self-employed, or start a business.
It should be mentioned that business buyers from other European countries are often attracted to running a restaurant or bar in Spain. But it is important to know that running these types of businesses is not always as glamorous as it may appear. These businesses do give you an opportunity to meet many people. However, you have to work long hours, and the time spent working is likely to be considerable, particularly during high season. Depending on your previous experience and interests, it could be more rewarding to look at other types of businesses.
At Javea Properties, you can find different types of commercial premises available for sale, lease, or rent. Feel free to browse our listings. If you don’t come across what you are looking for, fill the contact form to get in touch with us, as we have numerous contacts throughout Javea. The best commercial locations tend to be snapped up quickly, and don’t always make it to the open market space.
We can help you with your search. Contact us and let us know your needs.