The Balearic economy will grow by 11.1% in 2022 and up to 3.9% in 2023
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Social Security enrolment in the Balearic Islands in September reached an all-time high, with 591,408 people registered with Social Security, and has now accumulated eleven consecutive months of historical records in year-on-year enrolment. In this way, the islands continue to be situated in the vicinity of 600,000 people and continue to lead the creation of employment in Spain on year-on-year terms.
The Minister of Economic Model, Tourism and Labour, Iago Negueruela, today presented the enrolment and unemployment data for September, as well as the economic data for the second quarter of 2022, and said that the Balearic Islands are already in a clear scenario of growth in the labour market, with a direct impact on the economy of the Islands.
The temporary employment rate stands at 11.1%.
The growth and improvement in the labour market are not only quantitative but also qualitative. Permanent contracts are once again an important element and the percentage of new permanent contracts remains high, consolidating the change of scenario in the Balearic labour market.
In this way, (and with the latest available data for August) the temporary employment rate is already in line with the European average, with a rate of 11.7%, while in Spain as a whole it is almost double (20.3%). The same goes for the rate of part-time employment, which in the Balearic Islands was 11.6% in August, while in Spain as a whole it was 20.6%.
Unemployment fell by 25.2% and stood at 36,854 unemployed persons.
In September, 36,854 people were registered as unemployed, the lowest figure in the last 15 years for this period, and representing a fall of 25.2% compared to a year ago. This is the sharpest decline in the whole of Spain, reducing unemployment by 9.7%.
Nevertheless, the administrative unemployment rate returns to a level of full employment, standing at 5.8%, compared to the national average of 12.7%.
The Balearic economy to grow by 11.1% in 2022
On the other hand, the councillor also reported on the economic data for the second quarter of 2022. In this period, the Balearic GDP has grown by 18.4% year-on-year, continuing with a growth rate three times higher than that of the Spanish economy (6.3%) and quadruple that of the EU (4.2%).
Thus, in 2022 as a whole, the Balearic Islands will show a growth of 11.1%, much higher than the forecasts of the State Government (4%).
Likewise, the growth forecast for 2023 is almost double that expected for Spain (3.9% in the Balearic Islands compared to 2.1% in Spain). This high value, now normalised, will allow for a return to the GDP per capita growth path of 2015-2019.