The economy of the Balearic Islands continues the path of recovery in the third quarter of 2021 compared to the same period a year ago, with an increase of 16.7% and the authorities predict that by the end of the year it will have recovered 56% of GDP lost during the pandemic.

It is the second largest record in the historical series, following the growth trend marked in the second quarter of this year. This is the main data on the economic situation for the third quarter, presented by the Minister of Economic Model, Tourism and Labor, Iago Negueruela, accompanied by the general director of Economic Model and Employment, Llorenç Pou.

With the data from the third quarter, and a preview of the fourth quarter, the minister has indicated that indicators such as the number of companies (+ 6.9%), the number of self-employed (+ 3.9%) or the number of of affiliated with Social Security (+ 8%), which place the Islands in values ​​above 2019.

These are data that represent historical highs before the pandemic and suggest that the behavior of the fourth quarter will also be positive for the Islands. Faced with this singular behavior, the minister pointed out that the Islands do not present the same slowdown trend of the economy of the rest of Spain (2.7%), but that following this growth path, the autonomous community presents a rhythm six times more higher than the whole of Spain, driven by the main economic sector, tourism. It also far exceeds the 3.9% registered in the EU-27 in the same period.

The minister has pointed out that with the consolidation of this growth, the Government maintains the forecasts for 2021 in double-digit rates, which extends to 2022 with an expected GDP increase of 12.1%.

By islands, all territories show growth higher than the Spanish average; The behavior of the Pitiusas stands out, with a year-on-year increase in GDP of 20.1%, almost 8 times above the increases in Spain.

Menorca is the most advanced island by recovering the levels of GDP prior to the pandemic, and according to the forecasts of the General Directorate of Economic Model, during the first quarter of 2022 it will be the first island to recover the levels of GDP before the pandemic.

The Minister of Economic Model, Tourism and Labor, Iago Negueruela, and the general director of Economic Model and Employment, Llorenç Pou, present economic data. Photo: GOIB.