{"id":118528,"date":"2025-03-31T15:39:53","date_gmt":"2025-03-31T13:39:53","guid":{"rendered":"https:\/\/mallorcaglobalmag.es\/balears-reduce-deuda-2024\/"},"modified":"2025-03-31T15:46:00","modified_gmt":"2025-03-31T13:46:00","slug":"balears-reduce-deuda-2024","status":"publish","type":"post","link":"https:\/\/mallorcaglobalmag.es\/en\/balears-reduce-deuda-2024\/","title":{"rendered":"The Balearic Islands reduce their debt to the lowest level since 2012"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\"><strong>Illes Balears<\/strong> has closed the year <strong>2024<\/strong> with a <strong>significant reduction in its debt<\/strong>, reaching <strong>\u20ac8.426 billion<\/strong>, which represents <strong>18.8% of GDP<\/strong>. This percentage is the <strong>lowest<\/strong> recorded since the <strong>first quarter of 2012<\/strong> and the <strong>best absolute figure<\/strong> since <strong>the end of 2015<\/strong>, according to the latest data published by the Bank of Spain.<\/p>\n<p>Since the beginning of the legislature, in the second quarter of 2023, the Autonomous Community of the Balearic Islands (CAIB) has managed to reduce its debt by <strong>\u20ac555 million<\/strong>. This represents a decrease of nearly 3.5 percentage points in the debt-to-GDP ratio, according to information from the Directorate-General for the Treasury, Financial Policy and Heritage.<\/p>\n<p>In the <strong>last quarter of 2024<\/strong>, the debt was reduced by <strong>\u20ac240 million<\/strong>, implying a drop of <strong>0.9%<\/strong>.<\/p>\n<h2>Tax cuts without compromising the economy<\/h2>\n<div id=\"attachment_118522\" style=\"width: 790px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-118522\" class=\"wp-image-118522 size-full\" src=\"https:\/\/mallorcaglobalmag.es\/wp-content\/uploads\/2025\/03\/Deuda-balears-2024-e1743428204310.webp\" alt=\"Balearic Islands Debt 2024\" width=\"780\" height=\"520\" srcset=\"https:\/\/mallorcaglobalmag.es\/wp-content\/uploads\/2025\/03\/Deuda-balears-2024-e1743428204310-768x512.webp 768w, https:\/\/mallorcaglobalmag.es\/wp-content\/uploads\/2025\/03\/Deuda-balears-2024-e1743428204310.webp 780w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><p id=\"caption-attachment-118522\" class=\"wp-caption-text\">The Vice President and Minister for Economy, Finance and Innovation, Antoni Costa, together with the Director-General for the Treasury, Financial Policy and Heritage, Susana P\u00e9rez, during the presentation of Balearic Islands&#8217; debt figures. Photo: CAIB.<\/p><\/div>\n<p data-pm-slice=\"1 1 []\">The Vice President and Minister for Economy, Finance and Innovation, <strong>Antoni Costa<\/strong>, has highlighted that this evolution confirms that it is possible to <strong>reduce taxes for middle- and low-income earners without compromising the community\u2019s financial balance<\/strong>. &#8220;As we have always defended, in a context of economic growth, taxes can be lowered, investment in essential services can be increased, and debt can be reduced,&#8221; Costa stated.<\/p>\n<p data-pm-slice=\"1 1 []\">The Balearic Islands Economic Outlook Report supports this positive trend, as can be read in <a href=\"https:\/\/mallorcaglobalmag.es\/en\/la-economia-de-balears-crece-por-encima-de-la-media-de-espana-y-la-ue\/\" target=\"_blank\" rel=\"noopener\"><strong>this article<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illes Balears has closed the year 2024 with a significant <a href=\"https:\/\/mallorcaglobalmag.es\/en\/balears-reduce-deuda-2024\/\"> [&#8230;]<\/a><\/p>\n","protected":false},"author":4,"featured_media":118523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1515],"tags":[],"class_list":["post-118528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-tourism"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - 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