According to BBVA Research, the unemployment rate in the Balearics could touch an all-time low by 2019. The forecast is for 7.8%, which would be one of the lowest recorded in Spain and almost half an anticipated 14% rate for the whole year.
The rate in the Balearics at the end of 2017 was 12.5%, whereas the national rate was 17.2%. Because of this low rate compared with other regions and also because of trends in unemployment and social security data, the bank estimates that the rate this year will be ten per cent. If so, and if it were to also fall further in 2019, then the unemployment target set by the employment minister, Iago Negueruela, will have been met and then be bettered next year.
The research suggests that Asturias and the Basque Country will also achieve historical lows in terms of unemployment next year. This could well lead to pressures on businesses to raise salaries, while there could also be difficulties in filling job positions if there aren't sufficient workers available with the right skills to satisfy businesses' needs.
The BBVA study says that there will be a three per cent growth in new employment in the Balearics this year, one of the highest in the country.
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