Annual Report 2023

Annual Report 2023

Chapters 3 and 4: Labour and housing markets

The Spanish labour market: current developments, structural trends and labour market policies. Key messages

• The main characteristic of the recent performance of the Spanish labour market has been the considerable dynamism of employment. In contrast, labor productivity has barely increased since the beginning of the pandemic.
• However, the unemployment rate in the Spanish economy continues to be excessively high and, even so, our labor market shows signs of tightening similar to those of other countries with lower unemployment rates.
• An unemployment rate that is persistently higher than in other countries in our environment, technological changes and population aging require a thorough review of employment policies.

The Spanish housing market: recent changes, risks and affordability problems. Key messages

• The strength of demand and the relative tightness of housing supply are sustaining the growth of purchase and rental prices.
• The median effort for renters associated with housing expenses is comparatively high in Spain, especially for lower income households.
• The availability of social rental housing in Spain is low compared to other advanced economies.