Consider the source below and answer the following question: 1.What is the Labou

Question

Consider the source below and answer the following question:

1.What is the Labour Force Participation Rate in August 2013? (3 marks)

2.How does this compare with August 2012? What has happened to employment in Spain? (4 marks)

3.What is the inflation rate in Spain over 2012/ 2013? Can you explain this?(4 marks).

Spain | Economic Indicators 13-Aug Aug-12 Real GDP Annual Growth Rate -1.70% -2% Working Age Population 46.2m 46.15m Employed Persons 16.7 m 15.53m Unemployed Persons 4.884 m 4.876 m Exports 20 m 20.39 m Imports 19.48 m 21.08 m Government Spending 98.17m 99.36m Industrial Production -4.60% -1.60% Consumer Spending 91.64m 91.97m Consumer Price Index 103.73 104.24

Explanation / Answer

1. Labor force participation in August 2013:

16.7 / 46.2 x 100 = 36.14%

2. Labor force participation in 2012:

15.53 / 46.15 x 100 = 33.65%. The labor force participation has decreased in the year 2012.

3. Inflation rate in Spain over 2012/2013:

(104.24 – 103.73) / 104.24 x 100 = - 0.47%.

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