The Balearic Islands continue to consolidate their economic dynamism with 4% growth in 2024, significantly exceeding the national average (+3.2%) and that of the European Union (+1.0%). This is highlighted in the Economic Outlook Analysis for the first quarter of 2025, presented by the Vice President of the Government, Antoni Costa, and the Director-General of Economy and Statistics, Catalina Barceló. “The economy of the Balearic Islands shows strong economic dynamism that has exceeded, and I say this with pride, all expectations,” Costa stated.

The archipelago’s growth has not only maintained the pace of 2023 but has even necessitated an upward revision of the previous year’s figure, now standing at 4.1%. This positive progress has been recorded across all productive sectors:

  • Services: +4.3%
  • Industry & Energy: +2.6%
  • Construction: +1.9%
  • Agriculture & Fishing: +1.5%

By islands, Mallorca led growth in 2024 with 4.4%, followed by the Pitiüses (+3.3%) and Menorca (+1.5%).

Looking ahead to 2025, the Balearic economy is expected to maintain a positive trend, with estimated growth of 2.7%, once again exceeding the national forecast.

Balearic economy

The Director-General of Economy and Statistics, Catalina Barceló, and the Vice President of the Government of the Balearic Islands, Antoni Costa. Photo: CAIB.

Key economic results for the Balearic economy in 2024

Tourism at record highs

Tourism remains the main economic driver of the Balearic Islands, achieving record figures in 2024:

  • Average daily tourist spending: €187, the highest ever recorded (+44.3% since 2016).
  • Total expenditure: €22.381 billion (+12.2% compared to 2023).
  • Average spend per person: €1,195 (+7.0%).
  • Overnight stays: +4.4%, maintaining an average stay of 6.4 days.
  • Number of tourists: 18.7 million (+4.9%).
    • International tourism: +6.1%, the main growth driver.

Furthermore, early 2025 data confirms the upward trend: in January, per capita daily expenditure increased by 8.0% compared to the previous year.

Services & Retail Sector

  • Service sector revenue: +7.0%, the second-highest increase in Spain.
  • Retail sales continue to rise.

Housing

  • New private housing starts: +12.3%.
  • Completed housing: +4.2%.
  • Housing prices: +6.6%, below the national average (+8.4%).

Labour Market & Foreign Trade

  • Record employment affiliation: 555,954 affiliates (+3.5%).
  • Trade surplus: €1.018 billion.
  • Exports: +9.9%.
  • Imports: -14.1%.

Thus, the Balearic Islands closed 2024 with solid growth, outperforming Spain and the EU. Tourism continues to break records, driving the economy, while the services sector and construction maintain their expansion. Looking ahead to 2025, sustained growth is expected.