The increase coincides with the upward revision made in July for the end of the year.
The Pitiusas Islands lead the growth with 4.8%, followed by Mallorca (3.1%) and Menorca (2.7%).
In the first six months, tourism indicators have increased in both quantitative and qualitative terms, which is reflected in Social Security enrolment.
TDB keeps you informed. Follow us on Facebook, Twitter and Instagram
The economy of the Balearic Islands grew by 3.2 % year-on-year in the first quarter of 2024
The economy of the Balearic Islands grew by 3.2% in the first quarter of 2024 in year-on-year terms. This is the result of the Economic Momentum of the Balearic Islands for August, prepared by the Directorate General of Economy and Statistics. This figure coincides with the upward revision of the economic growth for this year, which was made by the Government of the Balearic Islands last July, and which also stands at 3.2%.
In the first quarter, the Pitiusas led the way in economic dynamism, with an increase of 4.8 %, followed by Mallorca (3.1 %) and Menorca (2.7 %).
The figures for the tourism sector for the first half of 2024 show an improvement in results in both qualitative and quantitative terms. Average expenditure per person (+5.4%) and daily expenditure (+7.6%) increased significantly to €1,073 per person and €185 per day, respectively.
In terms of volume, the first half of the year saw 7.68 million tourists, 7.8 % more than the previous year. Overnight stays followed the upward trend in visitor numbers, reaching a total of 44.6 million (up 5.5 % year-on-year).
Sales of services reflect the strength of turnover in the hotel, administrative and professional activities. On the other hand, turnover in commerce showed a decline compared to June 2023. In the construction sector, there is a slight decline in the number of dwellings approved, although it must be said that the level remains similar to that of 2019. For its part, industrial production in June suffered a decline both in the Balearic Islands and in Spain as a whole. In global terms, however, the Balearic Islands and La Rioja lead the growth in services in the sixth month of the year.
Labour market
The labour market maintains the pace of growth and average enrolment is close to 640,000, 3.1% above the level of 2023. All sectors are contributing to the increase in employment, although the services sector stands out with a 3.4 % increase, achieving record figures.
Finally, headline inflation in July is deflating, influenced by the housing and, above all, food groups. Core inflation also moderated and remained below the headline rate.