The latest figures from the Ministry of Employment showed that in July the number of unemployed fell by 18,830 people (-0.42% m/m), to 2,550,237 people, while economists had expected a drop of 17,400. On an annual basis, the number of unemployed decreased by 127,637 people or by 4.77%.
Compared to June, the number of unemployed decreased or remained unchanged across all surveyed sectors, led by services (-6,591 people or -0.36%), followed by agriculture (-1,534 or -1.68%), industry (-289 or -0.14%) and construction (-508 or -0.26%).
Unemployment among women fell by 6,459 or -0.42%, to 1,539,745 (the lowest value since October 2008), while unemployment among men decreased by 4,371 or -0.43%, to 1,010,492. Unemployment among youth under the age of 25 fell by 210 people or 0.12% compared to June.
The Spanish economy grew by 0.8% in the second quarter, more than expected, on the back of higher exports and strong household spending. The growth rate is one of the highest in the euro zone where it is the fourth biggest economy. The Bank of Spain had forecast economic growth of 0.6% for the second quarter. Meanwhile, last month, the IMF increased its forecast for Spain's GDP growth this year to reach 2.4%, half a point higher than its figures of just three months ago. This estimate tallies with the forecast from the Spanish government.