The Balearic Islands continue to lead the recovery of the economy in Spain, with growth in the third quarter of 2022 of 13.7% compared to the same period a year ago. In addition, the year-on-year variation for the second quarter of 2022 has also been revised upwards, to 24.2%, when the previous estimate was 18.4%.<\/p>\n
These results follow the growth trend set in the second quarter of this year, and also improve the growth forecast for 2022 as a whole to 13.3%, up from the 11.1% initially forecast. This is the main economic data for the third quarter, which has been presented by the Councillor for Economic Model, Tourism and Labour, Iago Negueruela.<\/p>\n
With the data from the third quarter and thanks to the good performance of the economy, the Government’s forecasts of exceeding the pre-pandemic GDP by the end of this year are maintained. In this line, the main economic indicators already present at the beginning of the fourth quarter a level higher or at least similar to that of 2019, which will allow the Balearic Islands to be one of the first territories in Spain to recover the pre-pandemic level.<\/p>\n
Looking ahead to 2023, the Government maintains the growth forecast at 3.9% for the Balearic Islands, a figure that is almost four times the forecast expected for Spain as a whole that year (+1%) and is well above that of the European Union (+0.3%), driven by the main economic sector, tourism.<\/p>\n
The councillor pointed out that with the consolidation of this growth, all the islands will show year-on-year variations in all the quarters of 2022 that are much higher than the Spanish average and the rest of the European Union.<\/p>\n
By islands, the performance of Mallorca stands out, as it was the island that suffered most intensely from the COVID-19 crisis. Despite this, it shows the highest growth rates since the economic recovery, with 15.5% in the third quarter.<\/p>\n
Menorca is the island that was least affected by the 2020 health crisis, maintains outstanding growth and is currently more than 5 percentage points above the data for the third quarter of 2019 according to the forecasts of the Directorate General of Economic Model.<\/p>\n
Finally, the Pitiusas have recovered the ground lost with the pandemic quickly and in the third quarter of the year is already 6.4% above 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"