The weight of industry in the Balearic economy rises 23% compared to 2018

Mar 24, 2023 | Current affairs, Featured, Revista Lloseta, Thursday Daily Bulletin, Tradition

Vice-president Yllanes informed the Commission for Monitoring the Industry Plan 2018-2025 that the Government has covered 62% of the budget earmarked for the industrial sector.

TDB keeps you informed. Follow us on FacebookTwitter and Instagram.

The Balearic economy rises 23% compared to 2018

The Vice President of the Government and Minister for Energy Transition, Productive Sectors and Democratic Memory, Juan Pedro Yllanes, explained this Thursday at the Industry Plan Monitoring Commission the balance of the Industry Plan and reported that the weight of industry in the Balearic economy rose by 23% from 2018 to 2021, the last year for which data is available.

During the Monitoring Commission of this Plan, Yllanes reported that “since 2018, the weight of Industry in the Balearic Islands went from representing 5.9% to 7.3%, which represents an increase of 23%. This fact is explained, among other things, by the work done from the Govern in terms of diversification of the model, betting on industrial sectors, which have increased their gross added value by 13.7% since 2018, equivalent to 241 million euros”.

Yllanes, moreover, has reported that the Govern has implemented 62 % of the budget of the Industry Plan until 2022, mobilising up to 65.2 million public euros.

Finally, the Vice President reported that “with regard to the impact on the labour market, we have a record number of members in the sector since 2009. We have already reached more than 29,000 workers in the industrial sector, 1,427 more than in the same month of February 2018, and this taking into account that February is considered a month of low employment activity. The diversification of the model involves creating this type of jobs, which are a guarantee of stability, but also of innovation and modernisation of our islands”.

The meeting was also attended by the Director General of Industrial Policy of the Government, Antoni Morro, who stated that “since 2019 the situation of the sector has improved significantly thanks to the efforts of everyone: companies, trade unions, employers and public administrations. The collective success of the Plan is reflected in the indicators: increase in the industrial weight of the GDP, record number of affiliates in the sector and positive trade balance of the sector – facts that have not occurred since 2009 – as well as three strategic industrial projects in the pipeline, among others. In short: the sector has not only recovered but is gaining momentum”.

For their part, the members of the Commission have endorsed the actions carried out in the 2018-2022 period. In addition, at the proposal of the director general, they agreed to modify axis 7 of complexity for the generation and transfer of knowledge. On this point, the director general indicated that “the aim is to bring the business world and the world of research closer together. An axis that makes it possible to transform knowledge from research or business into innovation with high added value”.

The Industry Plan and the Monitoring Committee

The Industry Plan is the main strategy that guides and coordinates the industrial policy of the Balearic Islands in the long term. The Plan includes a series of measures agreed upon with the entire sector and is valid for eight years, from 2018 to 2025. Despite the interruption caused by COVID-19, the implementation of the Plan has already made 62% of the committed budget available to the sector, reaching 65 million euros of the 105 million euros committed for 2025. 75 million direct injection to the sector to address the pandemic, and calls and/or grants from other mechanisms such as NextGen, have not been included in this amount.

The Monitoring Commission of the Industry Plan 2018-2025 is made up of the Confederation of Balearic Entrepreneurs (CAEB), the Confederation of Balearic SMEs (PIMEB), CCOO, the University of the Balearic Islands and the Impulsa Foundation. This body is responsible for monitoring the Plan’s actions, evaluating its implementation and proposing lines of action. It is also responsible for overseeing the smooth running of the Plan. The proposals originating in this Commission, after due justification and justification, are submitted to the Industry Council for approval.

The meeting of this Commission was attended by Jaume Fornés, representative of CAEB, Catalina Hernández, representative of PIMEB, Daniel Cámara, representative of CCOO, Loren Carrasco, representative of the UIB and Antoni Riera, external advisor and director of the Impulsa Foundation.