Spending per person reached 1,198 euros (+7%) and the outlay per person per day rose by 7.7% to 188 euros.
Balearic consumption maintains the rise of the GDP
The labour market once again shows record numbers in all sectors
Total tourist expenditure up to November reached 22,084.7 million euros, which represents a year-on-year improvement of 12.3%. This is according to the report on the Economic Momentum of the Balearic Islands, published by the Directorate General of Economy and Statistics. Thus, expenditure per person has risen to 1,198 euros, i.e. an improvement of 7 %. This year-on-year increase is similar to the increase in spending per person per day, which rose by 7.7% to 188 euros.
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Tourism expenditure up to November increased by 12.3 % and exceeded 22,000 million euros
Tourist arrivals in November are up on last year (+18.5%), with 117.6 million overnight stays, an increase of 4.3% on last year. Passengers arriving by air also increased (+5.6 %).
On the other hand, the weight of Balearic consumption maintains the rise in GDP and compensates with a rise of 0.4% up to the third quarter for the slump in foreign investment, which fell by 54% in the same period.
In November, services recorded an outstanding increase, with an annual change of 6.8 %, thanks to the fact that most activities continued to record strong increases. Hotels and restaurants recorded a higher rate than the rest of the sectors (+25.4 %) and only commerce recorded a negative rate (-2.8 %) in the penultimate month of the year.
In terms of construction, the residential building sector increased during the first 9 months of 2024 and the accumulated free housing increased in the third quarter, housing starts by 12.3 % and finished housing by 4.2 %.
For its part, the non-energy component (-4.0 %) harms the evolution of industrial production, with a variation of -2.6 %, in the same line as at the national level, where it fell by 3.4 %. Consumer goods are the only ones that, in November, show a positive year-on-year variation in the Balearic Islands.
The labour market is once again showing record numbers in all sectors, with record highs in December. The last month of the year saw a new record high in enrolment with 475,387 (+3.4%). The services sector, which accounts for 80% of enrolment, led an increase with 3.8%.
Concerning prices, in December the Balearic Islands (3.4 %) showed a higher year-on-year change in the CPI than Spain (+2.8 %), second only to the Basque Country (+3.6 %). Core inflation (+3.2%) was also higher than in Spain (+2.6%).