Spain jobless rate soars to 17-year high

Spain's unemployment figure has topped 5 million, the highest rate for 17 years.

The National Statistics Institute says 5.27 million Spaniards are out of work, representing an unemployment rate of 22.85 per cent - twice the eurozone average.

Young people were hit especially hard, with more than half of 16- to 24-year-olds - 51.4 per cent - looking for a job.

The new government has announced a new round of austerity cuts but many doubt it will achieve pre-election pledge to reduce the deficit to 4.4 per cent this year.

Source: ABC.net.au