2023-06-24 12:00:05
The estimate of the Confederation of Business Associations of the Balearic Islands (CAEB) points out that the gross domestic product (GDP) of the balearic islands grew by 6.4% in the first quarter of this year; 0.5 points better than the data previously presented by the Government.
This growth of the economy represents an acceleration compared to the last quarter of 2022, when the improvement was 6.1 percent, and represents “a parenthesis in the deceleration phase.”
The CAEB highlights that the GDP of the Balearic Islands has not yet recovered the levels prior to the pandemic, although it emphasizes that the start of 2023 has been “better than expected”. “The Balearic economy has assimilated its profile to that of the Spanish one, which also strengthened its growth path from January to March”, with growth of 3.8 percent compared to 2.9 percent in the previous quarter.
He points out that the greatest differential compared to the previous quarter was registered in the Pitiusas, whose GDP increased by 7.1 percent at the start of the year and had done so by 5.5 percent in the last quarter of 2022.
Mallorca went from 6.2 to 6.3 percent, and in Menorca the GDP grew by 5.8 percent in the first quarter of 2023 when it had risen by 5.3 percent from October to December of last year.
Regarding the prospects, the employers’ association points out that “everything points to the fact that the Balearic economy will continue the trend towards moderation in the growth rate” due to the containment of consumption due to inflation and the high financing costs of families and companies.
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