25 per cent unemployment in the Canary Islands
Sunday, July 19, 2009
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Spain is an interesting economy for GCSE students to look at. In Spain tourism accounts for 10% of gross national product and one in eight jobs. Construction is also a very important industry. And both sectors are now struggling with the pain of recession.
Many hotels have temporarily closed even during the summer season and the bars, restaurants, hire cars and airports are being affected by the downturn in demand. Economists have a term for this - a negative multiplier effect.
This BBC news video looks at the Canary Islands where one person in four is unemployed (an unemployment rate of 25% is nearly four times the jobless rate we have here in the UK).
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