Spanish Unemployment Focused in Under 45s, Mortgage Impact in High Tourism Areas Likely
The impact of the Coronavirus Disease (COVID-19) pandemic for households and firms has largely been offset by government intervention across Europe. In 2020, the Spanish government dedicated 5.3% of the GDP to direct fiscal support measures and 15.3% of the GDP to liquidity support measures (primarily in the form of state-loan guarantees). As part of those, the furlough schemes (known as Expedientes de Regulación Temporal de Empleo or ERTEs) and loan moratoria have largely protected borrowers and prevented a rise in defaults. However, unemployment has still been creeping upward despite these actions, rising to 16.1% in December 2020, a 2.3-percentage point increase from a year earlier. Nevertheless, this remains well below the peak of 26.9% seen at the end of Q1 2013.
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