Economic activity has exceeded initial forecasts, allowing the figure to increase by 0.6%.

Tourism expenditure from January to May reached 5,204.8 million euros, 14.6% more than in the same period in 2023.

The Directorate General of Economy and Statistics, which reports to the Regional Ministry of Economy, Finance and Innovation, has revised upwards its economic growth forecasts for the Balearic Islands for 2024, to 3.2%. This figure represents an increase of 0.6% compared to the forecasts presented in March of this year, thanks to the great economic dynamism that has occurred in the first half of the year.

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The Government revises upwards the economic growth forecast for 2024 to 3.2%

This can be seen in the July Economic Momentum of the Balearic Islands, which highlights that foreign investment remains in the expansionary cycle in the Balearic Islands, with an increase of 25.9% year-on-year in the first quarter of 2024.

In addition, tourist spending from January to May reached 5,204.8 million euros, 14.6% more than in the same period of 2023. And in these first five months of 2024, there was an improvement in value compared to 2023: spending per person amounted to €1,032 (+5.5% year-on-year) and spending per person per day was €178 (+8.5%). In quantitative terms, 8.6% more tourists came to the Balearic Islands during this period than the previous year, reaching 5.04 million visitors.

By sector, the services sector continued to show great dynamism in May. According to the Services Sector Activity Indicator (IASS), turnover in the Balearic Islands (6.2%) grew above the national average (3.8%).

Housing construction activity, basically private, in the first quarter, reflected a rise in housing starts, while those completed fell as a result of the moderation in the carry-over effect from previous years.

About industry, in the first four months of 2024, the turnover of companies in the sector increased by 10% compared to the same period in 2023.

Finally, the good performance of the economy is reflected in the labour market. Enrolment in June recorded a new all-time high of 626,558 people, surpassing that of July and August 2023, and 3.2% more than in June last year. It should be noted that the services sector accounts for 84.6% of total enrolment, and is the sector with the highest year-on-year increase, at 3.6%.

The interactive document can be consulted at the following link: https://www.caib.es/sites/momenteconomic/es/el_moment_economic_de_les_illes_balears-6670/