The Balearic Islands recorded a 3.1% increase in employment in February 2024, reaching 495,538 affiliations, the highest figure in historical records. The region also maintains its leadership in contract quality, with 66.8% of contracts being permanent, significantly above the national average (43.8%).
Photo: Palma City Council.
Regarding these figures, the regional secretary for Labour, Catalina Cabrer, highlighted that February “is once again a historic month” for the Balearic Islands, consolidating a positive trend even in months of lower economic activity. She also emphasised that “the quality of employment is a reality, with 67% of contracts being permanent and a part-time employment rate far below the rest of Spain”, allowing the region to “leave job insecurity behind”.
Employment and unemployment trends
- Affiliations: Increased by 14,690 people compared to February 2023 (+3.1%) and by 14,670 compared to January (+3.1%).
- Comparison with Spain: Nationwide, employment grew by 2.4% year-on-year and 0.5% monthly, placing the Balearic Islands well above the average.
- Unemployment:
- Year-on-year: Decreased by 4.3% (-1,336 people).
- Month-on-month: Declined by 0.5% (-153 people).
- By islands:
- Decreased in Mallorca (-4.8%), Menorca (-2.6%), and Ibiza (-2.1%).
- Increased in Formentera (+11.1%).
- By demographic groups:
- Largest decline among women (-5.9%), those over 25 (-6.2%), and Spanish nationals (-6.3%).
- Increased among those under 25 (+11.3%) and EU foreign nationals (+5.4%).
- By sectors:
- Sharpest declines in industry (-7.9%) and other service sectors (-6.9%).
- The only sector with an increase: hospitality (+6.3%).
Contracting and employment quality
- Total contracts: 23,854 in February, a 3.4% year-on-year decrease.
- Monthly evolution: 2,249 more contracts than in January (+11.4%).
- Differences by island:
- Increased in Formentera (+48.4%), Menorca (+15.1%), and Mallorca (+13.3%).
- Decreased in Ibiza (-1.4%).
- By demographic groups:
- Greatest increases among men (+11.5%), those under 25 (+16.2%), and EU foreign nationals (+21.7%).
- By sectors:
- Contracting increased across all sectors, especially in hospitality (+34.2%) and industry (+11.4%).
- Rate of permanent contracts: 66.8%, the highest in Spain.
Self-Employed workers and job seekers
- Self-employed: 99,396 registered, a 2.6% year-on-year increase.
- Job seekers:
- 122,975 people, 5.5% more than in February 2023.
- 14,618 fewer than in January (-10.6%).
- Unemployment benefit coverage rate: 42.1%, 0.8 points lower than a year ago.
Women and the labour market
- Growth in female employment: +3.8% compared to 3.2% for men.
- Women represent 46.9% of total affiliations.
- Female activity rate: 74.5%, the second highest in Spain.
- Gender pay gap: 7.5% (second lowest in the country, compared to the 17.1% national average).
- Largest salary increases:
- +16.6% for women compared to 8.7% for men.
- Part-time employment rate: 73.6% of part-time contracts are held by women due to work-life balance needs.
According to Cabrer, “the data reflects a trend towards equality, with unemployment figures for men and women becoming increasingly similar.” She highlighted that “women represent 57% of the unemployed, but with a sharper decline in female unemployment (-10.0% versus -5.8% for men).”
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