The Balearic Islands closed the fourth quarter of 2024 with a significant reduction in unemployment, which fell by 24.8% compared to the same period of the previous year. According to data from the Labour Force Survey (EPA), the number of unemployed people in the archipelago stood at 53,300, representing 17,000 fewer unemployed than in the last quarter of 2023.

employment third quarter 2023 Balearic Islands

This sharp decline is largely explained by the extension of the tourist season until the end of November and the boost in hiring during the Christmas campaign, particularly in the retail sector, as explained by the Balearic Confederation of Business Associations (CAEB). At the national level, unemployment fell by 9.3%, far below the figure recorded in the archipelago, bringing the total number of unemployed people in Spain to 2,595,500.

Unemployment by sector

By sector, industry recorded the largest drop in unemployment, with a decrease of 43.8%. It was followed by the services sector, where unemployment fell by 31.8%. In contrast, construction and agriculture saw an increase in unemployment, with rises of 9.5% and 33.3%, respectively.

Despite this significant improvement in employment, the unemployment rate in the Balearic Islands stood at 8.2%, higher than the 6.2% recorded in the islands during the summer months. However, this figure remains below the national average, which reached 11.16%.

Meanwhile, employment in the Balearic Islands also showed a remarkable increase, growing by 5.8% compared to the same quarter in 2023, more than twice the national average, which stood at 2.2%. As a result, the number of employed people in the archipelago rose to 596,900.

Business efforts

Awaiting the publication of the January employment data from Social Security affiliation and hiring records, which will provide a more detailed analysis of the labour market based on official records, the president of CAEB, Carmen Planas, highlighted that these figures reflect “the business sector’s effort to extend the peak season and link it with the Christmas campaign, as well as the positive impact of hiring in the retail sector during the past festive season.”