The Balearic Islands once again led job creation in the month of March with the highest increases in Spain, both in year-on-year and month-on-month terms. Thus, in the month of March 514,171 new registrations were recorded, which implies an increase of 20,712 people compared to March 2023, 4.2% more, double the national average. The State as a whole shows an increase over the previous year of 2.6%.

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The Balearic Islands lead the Spanish Social Security

On the other hand, a comparison of the March data with those of the previous month shows an increase of 33,322 new registrations in the Balearic Islands, i.e. a month-on-month rise of 6.9%. In Spain as a whole, enrolment was 0.9% higher than in the previous month.

With regard to unemployment, the Balearic Islands showed the sharpest declines in Spain, both in year-on-year and month-on-month terms. Thus, the number of people in this situation during the month of March was 29,662, a figure that shows a decrease of 4,069 people, i.e. 12.1% less than in March 2023. In this category, unemployment fell above all in Formentera (-21 %), followed by Ibiza (-15.1 %), Mallorca (-11.8 %) and Menorca (10.1 %). In Spain as a whole, the unemployment rate also fell, with an average of -4.7 %.

From a month-on-month perspective, unemployment fell with respect to February by 1,081 persons, -3.5 % in relative terms. This decrease is seen on all the islands, especially Ibiza (-5.1%), followed by Menorca (-3.8%), Mallorca (-3.6%) and Formentera (-1.0%). In the country as a whole, the data show a fall in unemployment compared to February (-1.2 %).

The administrative unemployment rate in March was 5.5%, 0.9 points below the figures recorded a year earlier.

The Councillor for Enterprise, Employment and Energy, Alejandro Sáenz de San Pedro, stressed that the Balearic Islands “are once again recording historic figures for job creation and, moreover, are leading the way in job creation and with the lowest unemployment rates in Spain. This is the best quarter in recent years in terms of enrolment and unemployment, and we can say that we are close to full employment”.

Hiring

In March, 29,624 new contracts were registered in the Balearic Islands, 4,943 more than in the previous month, which implies an increase of 20%. On the other hand, with respect to March 2023, there was a decrease of 3,489 contracts (-10.5%). The highest increase in hiring compared to February was in Formentera (+29 %) and Mallorca (+20.7 %) followed by Ibiza (+17.4 %) and Menorca (+15.8 %).

Self-employed

The self-employed regime adds 98,621 affiliated persons to the Balearic Islands, a figure that represents 19.2% of total registered employment. The number of people who have chosen this type of affiliation increased by 2,583 since March 2023 (+2.7%) and by 1,695 compared to February 2024 (-1.8%).

Job seekers

The number of job seekers in the Islands in March was 90,078 persons, a decrease of 2,640 applicants (-2.8 %) compared to March 2023. The number of job seekers fell on all the islands, except for Menorca (+2.8%). Thus, job applications fell in Ibiza (-3.2 %), Mallorca (-3.4 %) and Formentera (-6.8 %). Compared to February, the number of job seekers on the islands fell by 26,494 people (-22.7 %). This fall is found on all the islands, especially in Mallorca (-24.0 %), followed by Ibiza (-21.1 %), Formentera (-13.9 %) and Menorca (-15.7 %).