{"id":156783,"date":"2026-07-10T13:15:05","date_gmt":"2026-07-10T11:15:05","guid":{"rendered":"https:\/\/mallorcaglobalmag.es\/economia-balears-crece-primer-trimestre-2026\/"},"modified":"2026-07-10T13:35:54","modified_gmt":"2026-07-10T11:35:54","slug":"economia-balears-crece-primer-trimestre-2026","status":"publish","type":"post","link":"https:\/\/mallorcaglobalmag.es\/en\/economia-balears-crece-primer-trimestre-2026\/","title":{"rendered":"The Balearic economy grows by 2.9% in the first quarter, driven by construction and services"},"content":{"rendered":"

The Balearic economy<\/strong> accelerated its growth<\/strong> during the first quarter of 2026<\/strong>, recording a 2.9%<\/strong> increase in gross domestic product (GDP) compared with the same period the previous year. This is according to the Economic Outlook Analysis of the Balearic Islands<\/em>, presented by the Vice-President and Regional Minister for Economy, Finance and Innovation, Antoni Costa, and the Director General for Economy and Statistics, Catalina Barcel\u00f3.<\/p>\n

Growth in the Balearic economy outpaced that of Spain as a whole<\/strong>, where GDP rose by 2.7%<\/strong>, and was four times higher<\/strong> than in the European Union<\/strong>. In addition, all the islands<\/strong> recorded stronger economic activity during the first three months of the year. Mallorca<\/strong> grew by 3%<\/strong>, while Menorca and the Pityusic Islands (Ibiza and Formentera)<\/strong> both recorded growth of 2.8%<\/strong>.<\/p>\n

According to Costa, these figures confirm that the Balearic economy has maintained solid performance<\/strong> at the start of 2026.<\/p>\n

Construction and services drive the Balearic economy<\/h2>\n

\"construction<\/p>\n

All economic sectors<\/strong> recorded positive results during the first quarter, although construction (+3.1%) and services (+2.9%)<\/strong> showed the strongest performance.<\/p>\n

The strength of the construction sector is also reflected in residential activity. The number of new homes started reached 1,325<\/strong>, the highest figure since 2008<\/strong>, while 536 homes<\/strong> were completed during the first quarter.<\/p>\n

Costa highlighted that the outlook remains positive thanks to the increase in planning permissions for new housing developments. “Housing permits have reached their highest levels since 2008, with a 70% increase to 2,418 homes approved during the first four months of 2026<\/strong>, driven mainly by multi-family residential developments<\/strong>,” he said.<\/p>\n

Tourism and employment continue their upward trend<\/h2>\n

Tourist spending<\/strong> reached a new record high<\/strong> between January and May<\/strong>, totalling \u20ac5.861 billion<\/strong>, a 4.3% increase<\/strong> compared with the same period a year earlier. During those five months, the islands welcomed 5.4 million visitors<\/strong>, up 3.3%<\/strong>, while average daily tourist spending reached \u20ac194<\/strong>.<\/p>\n

However, overnight stays fell by 0.3%<\/strong> and the average length of stay<\/strong> declined to 5.6 days<\/strong>.<\/p>\n

The labour market<\/strong> also maintained its positive trend<\/strong>. Employment<\/strong> reached a new record high<\/strong>, with 588,858 people registered with Social Security<\/strong> during the first half of the year. Construction led employment growth with an increase of 3.8%<\/strong>, followed by services at 3.1%<\/strong>.<\/p>\n

Inflation remains above the national average<\/h2>\n

The report also shows that the Consumer Price Index (CPI)<\/strong> reached 3.4%<\/strong> in May<\/strong>, 0.2 percentage points above the Spanish average<\/strong>. Meanwhile, core inflation<\/strong> stood at 3.3%<\/strong>.<\/p>\n

Industrial production, on the other hand, fell by 6.2%<\/strong>. However, electricity demand increased by 3.7%<\/strong>, and renewable energy generation<\/strong> now accounts for 16.5%<\/strong> of all electricity produced in the Balearic Islands<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Balearic economy accelerated its growth during the first quarter […]<\/a><\/p>\n","protected":false},"author":4,"featured_media":155000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1515],"tags":[],"class_list":["post-156783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-tourism"],"yoast_head":"\nThe Balearic economy grows by 2.9% in the first quarter of 2026 - Mallorca Global Mag<\/title>\n<meta name=\"description\" content=\"Construction and services drive the Balearic economy. 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