{"id":107649,"date":"2024-06-19T16:13:32","date_gmt":"2024-06-19T14:13:32","guid":{"rendered":"https:\/\/mallorcaglobalmag.es\/?p=107649"},"modified":"2024-06-19T16:50:27","modified_gmt":"2024-06-19T14:50:27","slug":"balearic-economy-first-quarter-2024","status":"publish","type":"post","link":"https:\/\/mallorcaglobalmag.es\/en\/balearic-economy-first-quarter-2024\/","title":{"rendered":"The Balearic economy grows by 3.2% in the first quarter of 2024"},"content":{"rendered":"

The Balearic economy<\/strong> has started with strength<\/strong> after registering an intense growth of 3.2 percent<\/strong> during the first quarter<\/strong> of this year 2024, according to the Economic Analysis of the Balearic Islands presented by the Vice President of the Government, Antoni Costa<\/strong>, and the Director General of Economy and Statistics, Catalina Barcel\u00f3<\/strong>.<\/p>\n

\"el

Catalina Barcel\u00f3 and Antoni Costa, during the presentation of the Economic Analysis of the Balearic Islands. Photo: CAIB.<\/p><\/div>\n

The notable increase in value and quantity of the services sector<\/strong>, the recovery of construction<\/strong>, and the dynamism of the labor market<\/strong> across all sectors, which surpasses previous records, have been the main drivers of this economic growth that doubles that of 2019<\/strong> and exceeds the national average<\/strong> of 2.4%<\/strong>. By islands, the Pitiusas<\/strong> lead the growth with 4.8%<\/strong>, followed by Mallorca<\/strong> with 3.1%<\/strong>, and Menorca<\/strong> with 2.7%<\/strong>.<\/p>\n

The services sector, engine of the Balearic economy’s growth<\/h2>\n

The services sector, with its notable dynamism, continues to drive economic growth, recording an increase of 3.6%<\/strong> thanks to a significant intensification of sales<\/strong> (8% compared to 0.5% nationally). Agriculture<\/strong> and fishery<\/strong> also show improvements (3.2%<\/strong>), as well as construction<\/strong> (1.7%<\/strong>). However, industry<\/strong> and energy<\/strong> are the only sectors experiencing a decline, with a decrease of 3.7%, mainly due to low activity in March. Nevertheless, April figures indicate a recovery, suggesting that this decline is temporary.<\/p>\n

Regarding inflation<\/strong>, over the last three months, the downward trend has been broken, with an annual variation<\/strong> of 3.8%<\/strong>, similar to the national rate of 3.6%<\/strong>. Increases in prices are primarily concentrated in food, restaurants, and housing<\/strong>.<\/p>\n

Tourism on the rise<\/h2>\n

The report confirms the growth of tourism in value and volume<\/strong>. Tourist spending<\/strong> reaches a new record, with an increase of 8.1%<\/strong> in spending per person per day (161 euros<\/strong>), an annual variation<\/strong> of 13.3%<\/strong>, and an average spending per person of 1,023 euros<\/strong>, totaling 2,797.9 million euros<\/strong>. This represents a 40%<\/strong> increase between 2016 and 2024<\/strong>.<\/p>\n

The volume of tourists is also growing, with 2.7 million arrivals through April<\/strong>, a 7.4%<\/strong> increase, with 72.3%<\/strong> being international visitors. Tourist arrivals during the low season months<\/strong> have significantly increased, reflecting greater seasonality diversification<\/strong>. Hotel overnight stays<\/strong> rise by 18.5%<\/strong>, reaching 5.9 million<\/strong> in the first four months<\/strong>, with an average stay of 4.4 days<\/strong>. Additionally, passenger traffic<\/strong> at airports grows by 5.3%<\/strong>, reaching 4.2 million travelers<\/strong> in the first four months.<\/p>\n

Areas for improvement<\/h2>\n

Costa has identified several key areas for improving productivity and citizen well-being:<\/p>\n

    \n
  1. Improvement of GDP per capita<\/strong>: Restoring competitiveness and enhancing sectorial productivity.<\/li>\n
  2. Sectorial analysis<\/strong>: Focusing on efficient policy strategies based on each sector’s behavior.<\/li>\n
  3. Increasing education and specialization<\/strong>.<\/li>\n
  4. Administrative simplification<\/strong>: Reducing bureaucracy.<\/li>\n
  5. Promotion of labor flexibility<\/strong>: Work-life balance and shared responsibility.<\/li>\n
  6. Innovation and technological investment<\/strong>: Modernizing businesses and public administrations.<\/li>\n
  7. Diversification of sectoral activities<\/strong>.<\/li>\n
  8. Investment in natural capital and infrastructure<\/strong>.<\/li>\n<\/ol>\n

    These efforts aim to improve both labor productivity<\/strong>, which has decreased by 21%<\/strong> over 27 years, and capital productivity<\/strong>, which has fallen by 42.6%<\/strong> since 1995<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Balearic economy has started with strength after registering an […]<\/a><\/p>\n","protected":false},"author":4,"featured_media":105167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1515],"tags":[],"class_list":["post-107649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-tourism"],"yoast_head":"\nThe Balearic economy, on the rise in the first quarter of 2024 - Mallorca Global Mag<\/title>\n<meta name=\"description\" content=\"The Balearic economy has started strongly in 2024 after recording a growth of 3.2% during the first quarter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mallorcaglobalmag.es\/en\/balearic-economy-first-quarter-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Balearic economy, on the rise in the first quarter of 2024 - 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