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Investing.com -- Spain's unemployment rate in the last three months of the previous year dropped to its lowest level in over 16 years, according to data from the National Statistics Institute (INE).
The rate fell to 10.61%, a decrease from the 11.21% recorded in the third quarter. This is the lowest rate since the second quarter of 2008, when it was 10.36%.
The Spanish economy demonstrated impressive performance, outpacing its neighboring countries. In the span of the year, Spain added a net total of 468,000 jobs, with over 90% of these jobs being in the services sector.
The boom in the tourism industry played a significant role in this job growth, as per the INE's report.
Separately, the Economy Ministry of Spain is planning to increase its gross domestic product (GDP) growth target for the current year to above 2.5%.
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