Unemployment stood at 69,900 people, and the unemployment rate is 10.9%, one of the lowest records in the last 15 years.
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The EPA for the fourth quarter
Employment in the fourth quarter of 2020 stood at 570,800 people, according to data from the latest Labour Force Survey (EPA), published today by the INE. The figure, presented today at a press conference by the Councillor for Economic Model, Tourism and Labour, Iago Negueruela, and the Director General of Economic Model and Employment, Llorenç Pou, represents a record for the entire historical series for this period in the Balearic Islands, with an increase of 6.3% compared to the same period in 2022. In year-on-year terms, the Balearic Islands have registered 33,800 more employed people than a year ago.
The increase in employment that, according to the EPA, has reached the Balearic Islands places the Islands at the head of all the autonomous communities, which in its national average grew by 1.4%.
Unemployment (69,900) shows a good performance in relation to the last 14 years.
On the other hand, unemployment in the fourth quarter of 2020 stood at 69,900 unemployed people, which represents a decrease of 25.7% in year-on-year terms, 24,100 fewer unemployed than a year ago, and in percentage terms well below the national average. In fact, average unemployment in Spain fell by 2.6%, with some regions showing significant growth in unemployment.
However, in the fourth quarter of 2020, the Balearic Islands recorded an unemployment rate of 1.9%, one of the lowest in the last 15 years for this period of the year, only surpassed in 2019 (9.9%).
Balance of 2022, one of the best years in the entire historical record of the EPA
2022 has been a year of clear job creation and a significant reduction in unemployment. At the end of the year, the annual average number of employed people was 592,400 people, the highest annual figure in the entire history of the EPA in the Balearic Islands. This represents an average increase of 7.1% and 39,500 more employed persons than the average number of employed persons in the previous year.
In the same line, unemployment has registered minimums in recent years, and one has to go back to 2008 to observe lower records. During 2022, the average number of unemployed people was 72,800, which represents an average decrease of 24.4% and 23,400 fewer people than the average for the year 2021.
Long-term unemployment has also fallen sharply over the past year, to 7,800 people, which is one third of the 2021 figure.
Thus, the average unemployment rate in 2022 was 10.9%, which is 4.9 points below the average unemployment rate in 2021. This is the lowest unemployment rate in the last 15 years and places the islands at the forefront of national unemployment reduction, and at similar levels comparable with the EU.