{"id":109088,"date":"2024-09-02T09:00:00","date_gmt":"2024-09-02T07:00:00","guid":{"rendered":"https:\/\/mallorcaglobalmag.es\/la-economia-de-balears-experimenta-un-crecimiento-del-32\/"},"modified":"2024-09-02T13:00:18","modified_gmt":"2024-09-02T11:00:18","slug":"la-economia-de-balears-experimenta-un-crecimiento-del-32","status":"publish","type":"post","link":"https:\/\/mallorcaglobalmag.es\/en\/la-economia-de-balears-experimenta-un-crecimiento-del-32\/","title":{"rendered":"The economy of the Balearic Islands grows by 3.2%."},"content":{"rendered":"

The economy<\/strong> of the Balearic Islands grew by 3.2% year-on-year<\/strong> in the first quarter of 2024<\/strong>, according to the “Economic Momentum of the Balearic Islands” report for August, published by the Directorate General for Economy and Statistics. This figure is in line<\/strong> with the upward revision<\/strong> of the economic growth forecast for 2024<\/strong> made by the Government of the Balearic Islands in July<\/strong>, which also stands at 3.2%<\/strong>.<\/p>\n

\"\"<\/p>\n

During the first quarter, the Piti\u00fcses led<\/strong> economic growth with an increase of 4.8%<\/strong>, followed by Mallorca<\/strong> with 3.1%<\/strong> and Menorca<\/strong> with 2.7%<\/strong>.<\/p>\n

The tourism sector on the rise<\/h2>\n

The results of the tourism sector<\/strong> in the first half<\/strong> of 2024 show an improvement<\/strong> both in terms of volume and quality<\/strong>. The average expenditure<\/strong> per tourist increased by 5.4%<\/strong>, while the daily expenditure<\/strong> rose by 7.6%<\/strong>, reaching 1,073 euros per person<\/strong> and 185 euros per day<\/strong>, respectively.<\/p>\n

In terms of tourist volume, the first half of the year recorded the arrival of 7.68 million visitors<\/strong>, an increase of 7.8%<\/strong> compared to the same period the previous year<\/strong>. Overnight stays<\/strong> also grew by 5.5%<\/strong>, reaching a total of 44.6 million<\/strong>.<\/p>\n

Strength of the services sector<\/h2>\n

Sales<\/strong> in the services sector<\/strong> demonstrate the strength of turnover<\/strong> in the subsectors of hospitality, administrative activities, and professional services<\/strong>. Conversely, retail trade<\/strong> experienced a decline<\/strong> in its turnover<\/strong> compared to June 2023. In the construction<\/strong> sector, the number of approved housing projects<\/strong> saw a slight decrease<\/strong>, although it remains at levels comparable to 2019<\/strong>. Industrial production<\/strong>, both in the Balearic Islands and across Spain, registered a drop in June<\/strong>. However, in overall terms, the Balearic Islands and La Rioja led<\/strong> growth in services during that month.<\/p>\n

Labour market<\/h2>\n

In the labour market, the average affiliation<\/strong> in the Balearic Islands continues to grow<\/strong> and is approaching 640,000 workers<\/strong>, an increase of 3.1%<\/strong> compared to 2023. All sectors contributed to the increase in employment<\/strong>, particularly the services sector<\/strong>, which, with a growth of 3.4%<\/strong>, reached record levels<\/strong>.<\/p>\n

Finally, headline inflation<\/strong> eased in July<\/strong>, mainly due to the decline in housing and food prices<\/strong>. Core inflation<\/strong> also showed a downward trend<\/strong>, remaining below the headline rate.<\/p>\n","protected":false},"excerpt":{"rendered":"

The economy of the Balearic Islands grew by 3.2% year-on-year […]<\/a><\/p>\n","protected":false},"author":4,"featured_media":109084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1515],"tags":[],"class_list":["post-109088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-tourism"],"yoast_head":"\nThe economy of the Balearic Islands grows by 3.2%. - Mallorca Global Mag<\/title>\n<meta name=\"description\" content=\"This figure is in line with the Government's upward revision of economic growth for 2024, which also stands at 3.2%.\" \/>\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\/la-economia-de-balears-experimenta-un-crecimiento-del-32\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The economy of the Balearic Islands grows by 3.2%. - 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