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Record growth in the Balearic Islands

Record growth in the Balearic Islands
04/04

The Balearic economy is doing very well. Since autumn 2015, the economy has been booming with an increase of more than 3 percent per quarter. The final quarter of 2017 ended with growth of 3.4 percent. Thus, the islands can look forward to the longest growth phase since the year 2000. This indicates the economic report, which the Balearic Secretary of Labor Iago Negueruela presented.

In 2017, the service and construction industries grew particularly clearly, namely by 3.9 and 3.6 percent, respectively. The upturn is also much more pronounced than in the years 2004 to 2008. Before the financial crisis, the average growth was just 2.2 percent. Gross domestic product per capita also increased for the third year in a row, by 2.3 percent. “This is reflected in the increasing prosperity of the citizens,” said the Balearic Director General of Economy, Llorenç Pou. Economically, the Balearics are better off than the rest of the country. Compared to 2008, the economy grew by 9.2 percent, while the Iberian mainland just reached pre-crisis levels.

Forecasts for the Balearic Islands remain positive for 2018. Experts expect growth of 3.5 percent.

Source: Mallorca Magazin

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