23 Feb, 2023 @ 14:50
1 min read

Economic growth is higher than predicted in Spain’s Balearic Islands

Spain's government says economy has returned to pre-pandemic growth rates
Image by Gerd Altmann from Pixabay

ECONOMIC growth in the Balearic Islands last year was higher than predicted by the regional government.

Labour Minister, Iago Negueruela, said on Thursday that growth for 2022 is now estimated at 14.2%, compared to last summer’s prediction of 13.3%.

That increase was helped by the final quarter of year recording a rise of 5.5%.

Mallorca led the islands with 15.6% growth during 2022.

Service industries including hospitality and tourist related activities reported a 16.4% rise in activity across the Balearics.

The Balearic Gross Domestic Product(GDP) is already 2.2% higher than at the end of 2019- shortly before the Covid pandemic started.

That figure has only been surpassed by the Castilla-La Mancha region.

The GDP per person in the Balearics is 1.1% more than four years ago and 8% higher than in 2014.

Iago Negueruela attributed that to better wage deals for workers especially in the hospitality sector who are ‘not having to live off tips’.

He has projected a growth rate of 3.9% for this year, which he pointed out as being ‘remarkable’ considering that economic losses sustained during the pandemic have been recovered.

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