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Spain's jobless rate to rise to 26.9 pct in 2013


10:40, November 28, 2012

MADRID, Nov. 27 (Xinhua) -- Spain's jobless rate is expected to rise to 26.9 percent in 2013, according to a report released by the Organization for Economic Co-operation and Development (OECD) on Tuesday.

The projection means more than 6 million people will be out of work because of Spain's worsening economic conditions.

Spain's Gross Domestic Product (GDP) will decline by 1.3 percent in 2012 and 1.4 percent in the following year, and the unemployment rate in 2012 will be 25 percent, said the report.

The OECD expects a slight drop in Spain's unemployment in 2014, falling to 26.8 percent.

The latest predictions for this year are more optimistic than those published in May, but the 2013 forecasts are considerably worse.

The Spanish government has forecast an economic contraction of 1.5 percent in 2012 and 0.5 percent in 2013.

The OECD believes Spain could fail to meet its deficit targets in the short term, and predicts a deficit of 8.1 percent in 2012, 6.3 percent in 2013 and 5.9 percent in 2014. The organization urged the debt-laden country to continue with its structural reforms.

Spain's Minister of Economy and Competitiveness Luis de Guindos said on Monday his country's nationalized banks will need about 37 billion euros (47.9 billion U.S. dollars) from the European Union (EU).

The EU offered up to 100 billion euros (129 billion dollars) in June to recapitalize the Spanish banking system.

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