BOOM!! -Balearic economy
Note that we are not specialists in politics or economics, we are more of a creative realtor! -We do like special properties, beautiful things, nature, the “people from Ibiza”, the artisans. Of course, we couldn’t miss out on this news! -The Balearic economy is going from strength to strength, which makes us very happy.
The Balearic Islands continue to lead the recovery of the economy in Spain, with a growth in the third quarter of 2022 compared to the same period a year ago, of 13.7%.
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 the whole of Spain that year (+1%) and is well above that of the European Union (+0.3%), driven by the main economic sector, tourism.
By islands, the performance of Mallorca stands out, as it was the island that suffered most intensely from the COVID-19 crisis. Despite this, this island shows the highest growth rates since the economic recovery, with 15.5% at the end of 2022.
BBVA believes that growth will continue to be high over the next two years in the region, although the sanctions imposed on the Russian economy, higher energy and raw material prices and accelerating inflation will limit the economy’s progress. However, if the forecasts are fulfilled, the Balearic Islands could return to the pre-pandemic GDP level by the end of 2023.
These data have been presented last Wednesday at a press conference in Palma, by the director of the Eastern Territory of BBVA, David Conde, and the chief economist for Spain at BBVA Research, Miguel Cardoso, who presented a new edition of the report ‘Situation Balearic Islands’, which analyzes the evolution and prospects of the economy of the Islands.
The islands have become one of the most desirable tourist destinations around the globe, we receive millions of tourists annually, and the boom in the tourism industry translates into a significant growth of our economy. More than half of the population works in the tourism sector.
One of the favorite holiday destinations for locals and foreigners alike, with a pleasant climate most of the year and beautiful scenery, the Balearic Islands are one of the regions with the highest quality of life in Europe.
A cultural haven of the first order thanks to their rich historical legacy, as well as their architecture and heritage, which gives them a special personality and charm. This explains the innovative spirit that permeates Balearic society and positions it as a benchmark of international culture.
Below we will tell you which are the sectors with the greatest projection in the islands:
1. The tourism sector. No doubt about it?
2. Construction. Architects, refurbishment companies, bricks and mortar.
3. Agricultural sector. Our history.
4. Craftsmanship: The best of the island is made on the island! The community of artisans on the islands is very important: they work in ceramics, blown glass, leather, jewelry, fabrics, espadrilles, the list is long and the economy that moves the artisans and their famous markets. A new channel of communication has been established with the artisans through a web portal that provides a direct link and contact with the Artisan Associations of the island of Ibiza.
5. Technology sector: The Balearic Islands have a great capacity for innovation, which makes them attractive for the new technologies sector. Initiatives have been launched to make the most of the potential of telecommunications, with the aim of attracting clean industries and high added value activities in areas associated with scientific research.
So, if you are having doubts about investing, coming on holiday or moving to the islands, with this news we hope to give you the final push! We are here to help you settle in!
