Concerning the previous month, the unemployment data fell by 1.8%.

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Unemployment in the Balearic Islands falls by 12.5% in January

Social security registrations fall 1.5% compared to the previous month

The administrative unemployment rate for January is 6.3%, one point below the data recorded a year ago.

Social Security enrolment in the Balearic Islands in January stood at 466,041 registrations, which represents an increase of 14,226 people enrolled compared to January 2023, an increase of 3.15 %. In Spain as a whole, enrolments compared with January of the previous year increased by 2.6%. The Balearic Islands are thus among the three autonomous communities that generated the most employment in the first month of the year compared with January 2023.

In month-on-month terms, the territory shows a decrease of 6,871 persons registered with Social Security (-1.5 %). In Spain as a whole, enrolment also fell in December (-1.1%).

About the self-employed regime, the islands registered 96,209 affiliates in January, 20.6 % of total employment. Thus, the number of self-employed workers grew by 1,976 persons (+2.1%) compared with the figures of a year earlier. On the other hand, if we compare the registrations of self-employed persons in January 2024 with the previous month, we observe a decrease of 859 persons affiliated (-0.9 %).

Hiring

In January, 21,683 new contracts were registered in the Balearic Islands, 331 more than a year ago (+1.6 %). Hiring increased in Formentera (23.1%) and Mallorca (3.8%), but fell in Menorca (-12.3%) and Eivissa (-5.1%). In month-on-month terms, hiring experienced an increase of 4,816 contracts, which represents an increase of 28.6 %. This increase is more noticeable in the Pitiusas: in Formentera 71.9 % and in Eivissa 56.1 %. In Mallorca, the month-on-month hiring increased by 26.1 % and in Menorca by 5.1 %.

Unemployment

The number of unemployed people in the Balearic Islands has decreased during January in both interannual and inter monthly terms. Thus, unemployment showed a fall of 12.5% concerning January 2023, the highest in Spain, and 1.8% if the data are compared with the previous month.

Specifically, the number of unemployed people in the Balearic Islands in January was 31,127 people, a figure that shows a decrease of 4,427 people concerning January 2023 (-12.5 %). By islands, unemployment fell in Mallorca (-12.5 %), Menorca (-10.6 %), and Eivissa (-14.4 %) and remained stable in Formentera (0.0 %). The Balearic Islands stand out as the autonomous community where unemployment fell most sharply in year-on-year terms. In Spain as a whole, unemployment in January concerning the same month in 2023 was 140,537 persons (-4.8 %).

By groups, the greatest decrease in unemployment in January compared with the same month of the previous year was among women (-13.4 %), the over-25s (-13.7 %) and Spaniards (-13.2 %). Unemployment fell in all sectors, although most significantly in hotels and catering (-16.4 %) and agriculture (15.4 %).

Compared to the previous month, unemployment recorded a fall of 1.8 %, which translates into 582 persons. The month-on-month data show a decrease in unemployment in all the islands: in Formentera -21.7 %, Eivissa -4.1 %, Menorca -1.8 % and Mallorca -1.5 %. In comparison with the whole of Spain, the data show an increase of 2.2 % in unemployment compared to the previous month. In this category, unemployment in the Balearic Islands fell above all among men (-2.8 %), under-25s (-5.3 %) and EU foreigners (-4.4 %). Unemployment fell above all in the hotel and catering industry (-5.9 %) and agriculture (-4.5 %).

The administrative unemployment rate for January is 6.3 %, one point below the figures recorded a year ago.

Job seekers

The number of job seekers on the islands in January was 133,714 people, which represents an increase of 980 applicants (+0.7%) with respect to January 2023. By islands, job seekers increased in Mallorca (+0.6 %) and Menorca (+3.2 %) and decreased in Eivissa (0.3 %) and, above all, in Formentera (+4 %). With respect to December, the number of job seekers on the islands fell by 656 (-0.5 %). This drop occurred on all the islands, especially in Formentera (-6.9 %), followed by Eivissa (-2.2 %), Menorca (-0.7 %) and Mallorca (0.0 %).