The economy of the Balearic Islands continues the path of recovery in the third quarter of 2021 compared to the same period a year ago, with an increase of 16.1%. This is the second-highest record in the historical series, following the growth trend marked in the second quarter of this year. This is the main economic data for the third quarter, which was presented today by the Minister of Economic Model, Tourism and Labor, Iago Negueruela, accompanied by the Director-General of Economic Model and Employment, Llorenç Pou.

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With data from the third quarter, and a preview of the fourth quarter, the councillor has indicated that as of today there are already indicators such as the number of companies (+6.9%), the number of self-employed (+3.9%) or the number of Social Security affiliates (+8%), which place the Islands in values above 2019. These are data that represent historical maximums from before the pandemic and make us foresee that the behaviour of the fourth quarter will also be positive for the Islands. Thus, forecasts suggest that by the end of this year 56% of the GDP lost during the pandemic will have been recovered.

In view of this unique behaviour, the Minister pointed out that the Islands do not present the same slowing trend of the economy of the rest of Spain (2.7%), but following this path of unique and unprecedented growth, the autonomous community presents a rate six times higher than the whole of Spain, driven by the main economic sector, tourism. It also far exceeds the 3.9% recorded in the EU-27 in the same period.

The counsellor pointed out that with the consolidation of this growth, the Govern maintains the economic growth forecasts for 2021 at double-digit rates, a forecast that extends to 2022, with a predicted GDP increase of 12.1%.

By islands, all the territories show growth above the Spanish average; the performance of the Pitiusas stands out, with a year-on-year increase in GDP of 20.1%, almost 8 times higher than the increases in Spain.

Menorca is the most advanced island in recovering pre-pandemic GDP levels, and according to the forecasts of the General Directorate of Economic Model, during the first quarter of 2022 it will be the first island to recover pre-pandemic GDP levels.