The year-on-year unemployment rate in the Balearic Islands increased by 14.5 percent between April and June 2024, compared to the 11.8 percent reduction recorded during the first quarter of this year, according to data from the Labour Force Survey (EPA). This figure contrasts with the 1.9% decrease in the national average, which translates into 2,755,300 unemployed, during the same period, i.e. the second quarter of 2024.

Photo: Ajuntament de Palma.

Specifically, in the second quarter the Balearic Islands registered 54,400 unemployed, which represents an increase of 14.5% compared to the same period of the previous year, i.e. 6,900 more unemployed. In terms of productive sectors, Industry experienced the greatest increase in unemployment with 120%, while the Services sector also saw a significant increase of 27.8%. In contrast, Construction reduced its unemployment by 17.5%. Even so, the unemployment rate in the Balearic Islands stands at 8%, three percentage points below the national level, which is 11.3%.

On the other hand, the number of employed people grew by 1.7% in the Balearic archipelago from April to June, while the average in Spain grew by 2%. In the Balearic Islands 629,900 people were registered as employed in the second quarter of 2024.

Worrying situation, according to the CAEB

“After the good winter and the boost in spring due to Easter,” the evolution of unemployment “shows the doubts of a start of the season that is not being as expected in several sectors,” said the president of the Confederation of Business Associations of the Balearic Islands (CAEB), Carmen Planas, in a statement, who warns that the situation “is worrying.”

At the expense of what next week’s Social Security enrolment, unemployment and hiring figures will show, the president of the Balearic employers’ association insists that “after an excellent start to 2024, with a great Easter Week, the start of the high season is showing certain signs of uncertainty that are worrying several productive sectors of the Islands.” Planas appeals to “continue to support the work and good work of our main economic industry in this process of transformation that has begun, while at the same time advancing in measures that improve the quality of life of residents.”