In year-on-year terms, Social Security in the Balearic Islands adds 17,242 people affiliated compared to February 2023, an increase of 3.7%.

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The Balearic Islands recorded a 3.2% increase in Social Security enrolment in February

For the second consecutive month, the number of unemployed people in the Balearic Islands fell in both year-on-year and month-on-month terms, with the biggest drop in the country as a whole.

Social Security enrolment in the Balearic Islands in February stood at 480,848 registrations, which represents an increase of 14,808 people registered (3.2%) with respect to January, the largest increase in Spain. In Spain as a whole, enrollment also rose compared to the previous month (0.5%).

In inter-annual terms, Social Security in the Balearic Islands added 17,242 persons affiliated in comparison with February 2023, 3.7 % more, the best figure in the State only behind the Canary Islands and Madrid. The average of the inter-monthly value of affiliation in the State increased by 2.7%.

Regarding the self-employed regime, the Islands registered 96,925 affiliates in February, 20.2% of total employment. Thus, self-employed affiliates experienced a growth of 2,317 people (+2.4%) compared to the data of a year earlier. A comparison of the number of self-employed workers registered in February 2024 with the previous month also shows an increase of 716 (+0.7%).

Hiring

Regarding hiring, 24,681 new contracts were registered in February in the Balearic Islands, 2014 more than a year ago (9.3 %). Hiring is up in Menorca (22.8 %), Mallorca (13.9 %), Ibiza (10.4 %) and Formentera (9.7 %). In month-on-month terms, hiring experienced an increase of 2,998 contracts, which represents an increase of 13.8 %. This increase is most noticeable in Menorca (11.6 %) and Mallorca (10.1 %), followed by Formentera (5.8 %) and Ibiza (4.3 %).

Unemployment

For the second consecutive month, the number of unemployed people in the Balearic Islands fell both year-on-year and month-on-month. Thus, unemployment shows a fall of 12.7% with respect to February 2023, and of 1.2% if we compare the data of February of this year with the previous month. The Balearic Islands stand out as the autonomous community where unemployment fell most sharply.

Specifically, the number of unemployed people in the Balearic Islands during the month of January was 30,743 people, which shows a decrease of 4,457 people with respect to February 2023 (-12.7%). By islands, in inter-annual terms, unemployment fell in Mallorca (-12.4 %), in Menorca (-11 %), in Ibiza (-15.9 %) and in Formentera (20.8 %). In the State as a whole, unemployment in February with respect to the same month of 2023 was 150,607 persons (-5.2 %).

By groups, the greatest decrease in unemployment in February with respect to the same month of the previous year occurred among women (-14 %), those over 25 years of age (-13.6 %) and Spaniards (-12.9 %). Unemployment fell in all sectors, although most significantly in the hotel and catering (-20.0 %) and agriculture (-18.0 %).

Compared to the previous month, unemployment recorded a drop of 1.2 %, which translates into 384 persons. The month-on-month data show a decrease in unemployment on all the islands: in Formentera (-16.8 %), Ibiza (-5.6 %), Menorca (-1.5 %) and Mallorca (-0.7 %). In comparison with the whole of Spain, the data show a drop in unemployment compared to last month of 7,452 people, 0.3 % less. From a month-on-month point of view, unemployment in the Balearic Islands fell especially in men (-1.9 %), those under 25 years of age (-1.3 %) and EU foreigners (-6.8 %). Unemployment fell especially in the hotel and catering industry (-8.3 %) and agriculture (-3.0 %).

The administrative unemployment rate in February was 6%, 1.1 points lower than a year earlier.

Job seekers

The number of job seekers in the Islands in February was 116,572 people, which means a decrease of 1,918 applicants (-1.6 %) compared to February 2023. The number of job seekers experienced a fall in all the islands, except in Menorca (+4 %). Thus, job applications fell in Ibiza (-3.4 %), in Mallorca (-1.9 %) and in Formentera (-1.4 %). With respect to January, the number of job seekers on the islands fell by 17,142 people (-12.8 %). This fall occurs in all the islands, especially in Mallorca (-13.7 %), followed by Ibiza (-11.5 %), Formentera (-8.4 %) and Menorca (-8 %).