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

The ECONOMIC growth of the Balearic Islands last year was higher than expected by the regional government.

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

The last quarter of the year contributed to this increase, which registered a rise of 5.5%.

Mallorca led the islands with a growth of 15.6% during 2022.

Service industries, including hotels and tourism-related activities, registered an increase of 16.4% in activity in the Balearic Islands.

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

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

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

Iago Negueruela attributed it to better salary agreements for workers, especially in the hospitality sector, who “do not have to live on tips.”

It has projected a growth rate of 3.9% for this year, which it has described as ‘remarkable’ considering that the economic losses suffered during the pandemic have been recovered.