{"id":40794,"date":"2023-02-24T08:50:29","date_gmt":"2023-02-24T07:50:29","guid":{"rendered":"https:\/\/mallorcaglobalmag.es\/?p=40794"},"modified":"2023-02-23T21:23:17","modified_gmt":"2023-02-23T20:23:17","slug":"the-balearic-economy-is-the-fastest-growing-economy-in-2023","status":"publish","type":"post","link":"https:\/\/mallorcaglobalmag.es\/en\/the-balearic-economy-is-the-fastest-growing-economy-in-2023\/","title":{"rendered":"The Balearic economy is the fastest growing economy in 2023"},"content":{"rendered":"

The Govern has revised upwards the Balearic Islands’ economic growth estimate for 2022 and has put it at 14%. It also forecasts that the Balearic economy will grow by 4% in 2023, which is the highest growth in Spain. It will do so thanks to wage increases and the implementation of the Special Regime<\/strong><\/p>\n

The autonomous Executive has revised upwards the growth estimate for the whole of 2022, at 14.2%<\/strong>. This figure is above the 11.1% that had been forecast at the end of 2021 and the 13.3% that was discussed a few months ago with the summer data. As explained by the Minister of Labor, Iago Negueruela, and the general director of Economic Model, Lloren\u00e7 Pou, the Balearic Islands has ended the last quarter of 2022 with a rise of 5.5%<\/strong>. This is the highest growth in Spain and well above the European average.<\/p>\n

Balearic Islands generates more wealth than before the pandemic<\/h2>\n

With all these data, the islands are leading economic growth in Spain and generate more wealth than before the pandemic. In fact, the Balearic Gross Domestic Product (GDP) is already 2.2% higher than at the end of 2019, a rate that is only surpassed by the 2.7% of Castilla-La Mancha.<\/p>\n

Thus, the forecasts of the Direcci\u00f3 General de Model Econ\u00f2mic del Govern remain at the already announced rise of 3.9% in the Gross Domestic Product (GDP) in 2023<\/strong>. Other entities, such as the Independent Authority for Fiscal Responsibility (AIReF) and BBVA Research<\/strong> coincide with the Balearic Executive in highlighting the forecast growth as the most pronounced in Spain, although in their case they place it at 4.7% and 3.1%, respectively.<\/strong><\/p>\n

 <\/p>\n

\"temporada<\/p>\n

\nGDP per capita grows<\/h2>\n

The islands’ GDP per capita is already 1.1% higher than in 2019 and 8% higher than in 2014<\/strong>. An important improvement since between 2000 and 2014 it presented a downward evolution, losing positions in the country as a whole.<\/p>\n

As explained from the Govern, it is growing together with a better distribution of wealth and reaffirmed the commitment of the Executive to follow the model of wage improvements. As a clear example, the hotel and catering agreement.<\/p>\n

By islands, all exceed pre-pandemic levels. Mallorca<\/strong> closed 2022 with an economic growth of 15.6%<\/strong>, the most intense; followed by 11.9% in Ibiza and Formentera; and 6.7% in Menorca<\/strong>.<\/p>\n

The sector that has grown the most is services,<\/strong> with an increase of 16.4% in 2022<\/strong>, followed by 7% in agribusiness, 1.2% in construction and 1% in industry.<\/p>\n

\n26,935 euros of GDP per capita in 2022<\/h2>\n

According to the Government, the wealth generated in the Balearic Islands in 2022 is approximately 4,138 million euros in constant terms – without taking inflation into account – while the GDP per capita is 26,935 euros.<\/strong><\/p>\n

For the regional executive, the economic strength of the Balearic Islands is also supported by other reports, such as that of BBVA or AIREF, which forecast growth of between 3 and 5%.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Govern has revised upwards the Balearic Islands’ economic growth […]<\/a><\/p>\n","protected":false},"author":4,"featured_media":26801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1515],"tags":[],"class_list":["post-40794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-tourism"],"yoast_head":"\nThe Balearic economy is the fastest growing economy in 2023 - Mallorca Global Mag<\/title>\n<meta name=\"description\" content=\"The Govern has marked the growth of the balearic economy by 14%. 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