The economy of the Balearic Islands grew by 3.2% in the first quarter of 2024 year-on-year. This is due to the Economic moment of the Balearic Islands in August, prepared by the General Directorate of Economy and Statistics. This figure coincides with the upward revision of economic growth for this year, made by the Balearic government last July, which also stands at 3.2%. In the first quarter, the Pitiusas led the economic dynamism, with an increase of 4.8%, followed by Mallorca (3.1%) and Menorca (2.7%).
The tourism sector figures for the first half of 2024 show an improvement in results both in qualitative and quantitative terms. They significantly increase average spending per person (+5.4%) and daily expenses (+7.6%) to reach respectively 1,073 euros per person and 185 euros per day.
In terms of volume, in the first half of the year there were 7.68 million tourists, 7.8% more than the previous one. Overnight stays continue the upward trend in the number of visitors and reach a total of 44.6 million (5.5% more than a year ago).
Sales of services reflect the strength of billing in the hotel sector, administrative and professional activities. On the other hand, the turnover of the trade shows a decrease compared to June 2023.
In the construction sector, there was a slight decrease in the number of homes approved, although it must be said that a level similar to that of 2019 was maintained. For its part, industrial production suffered a decrease in June both in the Balearic Islands and in Spain as a whole. However, on a global scale, The Islands and La Rioja lead the growth of services in the sixth month of the year.
The labor market maintains the pace of growth and the average number of affiliations is close to 640,000, 3.1% above the 2023 level. All sectors contribute to the increase in employment, although services stand out, with an increase of 3.4% that reaches unprecedented figures.
Finally, general inflation in July is deflating, influenced by real estate groups and especially food. Underlying inflation is also slowing down and remains lower than general inflation.
