{"id":159063,"date":"2026-10-22T14:33:33","date_gmt":"2026-10-22T12:33:33","guid":{"rendered":"https:\/\/mallorcaglobalmag.es\/economia-balears-segundo-trimestre-2026\/"},"modified":"2026-10-22T15:26:25","modified_gmt":"2026-10-22T13:26:25","slug":"economia-balears-segundo-trimestre-2026","status":"publish","type":"post","link":"https:\/\/mallorcaglobalmag.es\/en\/economia-balears-segundo-trimestre-2026\/","title":{"rendered":"The Balearic Islands’ economy grows by 2.8%, driven by construction but hit by rising prices"},"content":{"rendered":"

The Balearic Islands’ economy grew by 2.8%<\/strong> in the second quarter of 2026<\/strong>, 0.2 percentage points above<\/strong> the Spanish average<\/strong> and twice<\/strong> the annual growth rate recorded in the European Union<\/strong>. Construction<\/strong> was the most dynamic sector<\/strong>, while rising prices and weak retail trade<\/strong> were among the main causes for concern<\/strong>.<\/p>\n

\"Balearic

The Director General for Economy and Statistics, Catalina Barcel\u00f3, and the First Vice-President and Conseller d’Economia, Hisenda i Innovaci\u00f3, Antoni Costa, during the presentation of the third-quarter 2026 report An\u00e1lisis de coyuntura de las Illes Balears<\/em> (Analysis of the Economic Situation in the Balearic Islands). Photo: CAIB.<\/p><\/div>\n

These are the findings of the latest An\u00e1lisis de coyuntura de las Illes Balears<\/em> (Analysis of the Economic Situation in the Balearic Islands) report, presented by the First Vice-President and Conseller d’Economia, Hisenda i Innovaci\u00f3, Antoni Costa<\/strong>, and the Director General for Economy and Statistics, Catalina Barcel\u00f3<\/strong>. The report also confirms a new record for tourist spending<\/strong> and growth in employment<\/strong>, although it raises concerns about long-term GDP per capita trends<\/strong>.<\/p>\n

Mallorca leads economic growth in the Balearic Islands<\/h2>\n

By island, Mallorca recorded growth of 2.9%<\/strong>, followed by Menorca<\/strong> (2.8%) and the Pityusic Islands<\/strong> (2.2%).<\/p>\n

Construction<\/strong> led economic activity during the second quarter, with growth of 4.6%<\/strong>. The primary sector<\/strong> also improved, expanding by 2%<\/strong>, while services<\/strong> grew by 2.7%<\/strong> and industry<\/strong> and energy<\/strong> by 1.1%<\/strong>.<\/p>\n

This momentum is reflected in housing development. Up to August, housing starts increased by 51.3%<\/strong>, although completed homes fell by 17.5%<\/strong> during the first half of the year.<\/p>\n

“In fact, the number of homes receiving building approval<\/strong> has been rising since April, with growth of 10.8%<\/strong> over the past four months, reaching a total of 2,077<\/strong>,” Barcel\u00f3 explained.<\/p>\n

Rising prices and declining retail trade concern the Govern<\/h2>\n

Despite economic growth, rising prices<\/strong> remain one of the main causes for concern<\/strong>. According to the figures presented, prices increased by 5.1% in the Balearic Islands in September<\/strong>, compared with 4.9%<\/strong> across Spain<\/strong>.<\/p>\n

“The most worrying figure, without a doubt, is the surge in prices,” Costa warned, noting that “core inflation<\/strong> is also rising<\/strong> (3.3%), while energy products<\/strong> have increased<\/strong> by 19.2%<\/strong>.”<\/p>\n

Meanwhile, retail trade<\/strong> has recorded eight consecutive months of year-on-year declines<\/strong>, falling by 1.7%<\/strong> up to August, compared with an increase of 1.3%<\/strong> across Spain. Trade and hospitality<\/strong> have also shown moderate growth<\/strong>, with a combined increase of 1.4%<\/strong>, below the 5.5%<\/strong> recorded nationally.<\/p>\n

Tourist spending reaches \u20ac18.291 billion<\/h2>\n

Tourism continues to show positive growth in spending<\/strong>, although the increase in visitor numbers<\/strong> has been more moderate<\/strong>. Up to August, tourist spending reached \u20ac18.291 billion<\/strong>, an increase of 5.4%<\/strong>, while arrivals<\/strong> rose by 1.9%<\/strong> to 14.4 million tourists<\/strong>. Average spending per person<\/strong> stood at \u20ac1,274<\/strong>.<\/p>\n

“It is worth highlighting that overnight stays<\/strong> have fallen by 1.0%<\/strong>, totalling 85.3 million<\/strong> up to August, with an average stay of 5.9 days<\/strong>. Trends also vary between the islands,” Barcel\u00f3 explained.<\/p>\n

As for the labour market, the Balearic Islands recorded an average of 613,711 registered workers between January and August<\/strong>, an increase of 3.1%<\/strong>. The services sector<\/strong> accounted for 501,292 workers<\/strong>, while construction<\/strong> recorded 62,934 registered workers<\/strong> “following growth of 5.0%<\/strong>,” Barcel\u00f3 noted. Employment registrations in industry<\/strong> increased by 1.4%<\/strong>, while the primary sector<\/strong> recorded growth of 3.8%<\/strong>.<\/p>\n

GDP per capita falls by 2.3% since 2011<\/h2>\n

The report also examines one of the main structural challenges facing the Balearic Islands’ economy<\/strong>: GDP per capita and productivity trends<\/strong>.<\/p>\n

Between 2001 and 2025, real GDP<\/strong> in the Balearic Islands increased by 46.5%<\/strong>, slightly above<\/strong> growth across Spain<\/strong> (44.4%<\/strong>). However, the archipelago experienced much greater population growth<\/strong> over the same period. “We must highlight the considerable demographic pressure<\/strong> experienced by the Balearic Islands in recent years, with a 50% increase since 2001<\/strong>, more than twice Spain’s population growth<\/strong> of 21.1%<\/strong>,” Costa stated.<\/p>\n

The Vice-President linked this trend to real GDP per capita<\/strong>: “The Balearic Islands are above the national average<\/strong>, at \u20ac28,016<\/strong> compared with the Spanish average of \u20ac26,643<\/strong>. However, it is true that the change since 2011<\/strong> in our region has been \u20132.3%<\/strong>, while the rest of Spain has recorded an increase of 19.2%<\/strong>.”<\/p>\n

Regarding real productivity per hour worked<\/strong>, the archipelago has recorded growth of 15.4%<\/strong> since 2021, compared with 18.4% across Spain<\/strong>. Nevertheless, Costa highlighted the improvement recorded in 2024, the latest year for which figures have been published. “In Spain, it grew by 1.2%<\/strong>, but in the Balearic Islands the improvement was 3.4%<\/strong>, the highest growth rate in the past 20 years<\/strong>,” the Vice-President stated, comparing this increase with that recorded in 2021, following the COVID-19 crisis<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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