Investment pushes up the GDP of the Balearic Islands, while consumption remains steady
Total tourist expenditure up to September exceeds 19,000 million euros, 11.2% more than in 2023
Expenditure per person per day is the highest in the last nine years
The number of new housing starts in the first half of the year increased by 35%.
TDB keeps you informed. Follow us on Facebook, Twitter and Instagram
Foreign investment rises by 50.3% in the first half of the year
Foreign investment has increased by 50.3% in the first half of the year and is pushing up the Gross Domestic Product (GDP) of the Balearic Islands. This is the result of the Economic Momentum of the Balearic Islands for the month of November, prepared by the Directorate General of Economics and Statistics. Investment from other countries reached 78.1 million euros in the second quarter of 2024. For its part, consumption is maintained and grew by 0.4% in the first half of 2024 compared to last year.
Moreover, total tourist expenditure up to September reached 19,433.54 million euros, which represents a year-on-year variation of 11.2 %. In fact, spending per person per day is the highest in the last nine years in the January-September period, with 191 euros (8.2% more than last year). The average expenditure per person of international tourists also grew, in this case by 6.5%, to reach 1,196 euros.
Tourist arrivals also increased in September (+4.4%), with 101.7 million overnight stays (+2.7%), while continuing to grow in cumulative quantitative terms (16.3 million euros). Moreover, tourists rate their experience in the Balearic Islands very highly, with a score of almost 9 out of 10.
In September, services in the Balearic Islands maintained a strong rate of growth (+6.1%), with most activities recording strong increases. Information and communications and Administrative activities showed very strong increases, while Trade recorded the most moderate rate (1.9%).
Likewise, passengers arriving by air increased (+5.5 % from January to October) and those arriving by sea remained the same (-0.8 % from January to August).
Moreover, the residential building sector regained momentum in the first half of 2024 because the number of new housing starts increased during the first half of the year, with an annual variation of 35%, which offset the 14.6% drop in new housing completions.
In industry, consumer durables, capital goods and intermediate goods increased, softening the fall in the general index, although energy (-2.1%) continues to weigh on the evolution of industrial production.
Tourist arrivals also increased in September (+4.4%), with 101.7 million overnight stays (+2.7%), while continuing to grow in cumulative quantitative terms (16.3 million euros). Moreover, tourists rate their experience in the Balearic Islands very highly, with a score of almost 9 out of 10.
In September, services in the Balearic Islands maintained a strong rate of growth (+6.1%), with most activities registering strong increases. Information and communications and Administrative activities showed very strong increases, while Trade recorded the most moderate rate (1.9%).
Likewise, passengers arriving by air increased (+5.5 % from January to October) and those arriving by sea remained the same (-0.8 % from January to August).
Moreover, the residential building sector regained momentum in the first half of 2024 because the number of new housing starts increased during the first half of the year, with an annual variation of 35%, which offset the 14.6% drop in new housing completions.
In industry, consumer durables, capital goods and intermediate goods increased, softening the decline in the general index, although energy (-2.1%) continues to weigh on the evolution of industrial production.