The economy of Menorca continues to grow, but at a more moderate pace compared with the other islands, according to the 2024 Report on the Economy, Labour and Society of the Balearic Islands published by the Economic and Social Council (CES). The document analyses the island’s performance using data from official sources such as the Balearic Institute of Statistics (IBESTAT) and the Directorate General of Economy.
Menorca shows steady economic growth, though at a slower pace than the rest of the Balearic Islands
In 2024, Menorca’s Gross Value Added (GVA) increased by 1.5%, a smaller rise than that of Mallorca (4.4%) and the Pitiusas (3.3%). However, looking at the 2019–2024 period, Menorca’s GVA grew by 9%, a figure close to Mallorca’s 9.6% and only slightly below that of the Pitiusas (14.8%). Economically, Menorca represents 7.9% of the Balearic Islands’ total GVA, while Mallorca accounts for 78% and the Pitiusas 13%.
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Tourism: the longest average stay in the Balearic Islands
Menorca stands out for having the longest average stay in the archipelago — 6.8 days, compared to the regional average of 6.4 days. The island also leads in non-hotel accommodations, which represent 28% of all overnight stays, more than twice the Balearic average (12%).
In 2024, Menorca welcomed 1,678,432 visitors, an increase of 1.1% over 2023. While this growth is below that of the Balearic Islands as a whole (4.9%) and of Mallorca (7.3%), it is higher than that of the Pitiusas, which saw a 0.9% decline. The total tourist expenditure on the island reached €1.866 billion, with an average spend per visitor of €1,112, slightly below the Balearic average of €1,195.
Primary sector: a key contributor to Menorca’s economy
The CES report highlights the importance of the primary sector to Menorca’s economy. The island accounts for 43% of all livestock production in the Balearic Islands, close to Mallorca’s 55% and far above Ibiza’s 1.6%.
In agriculture, Menorca’s share is smaller (3% of total production), while in fishing, the island represents 17% of total turnover, ranking behind Mallorca (63%) but ahead of Ibiza (12%) and Formentera (7%).
Products with quality labels also performed strongly in 2024: Vi de la Terra Menorca wine grew by 23%, Maó gin by 11%, and Maó-Menorca cheese (PDO) by 2%.
Construction and housing: renovations take the lead
Renovations and extensions accounted for 57% of all construction projects in 2024, a lower share than in Mallorca (65.7%) and the Pitiusas (74.3%). The island recorded 587 approved projects, including 265 residential homes. Of these, 69% were residential and 22% linked to tourism-related uses.
Labour market: modest job growth
Menorca registered 35,323 employed persons, a 1.3% increase compared to 2023, below the Balearic average growth of 3.5%. The island shows a marked seasonal variation in employment: between July and December, the number of social security contributors rises by 49.8%, a higher rate than Mallorca (27.3%) but lower than Ibiza (78.7%) and Formentera (148.4%).
Energy: a production deficit
Menorca continues to face an energy deficit. In 2024, the island generated 478,375 MWh, while demand reached 1,088,375 MWh, leaving a shortfall of 677,770 MWh. This means Menorca covers only 44% of its energy needs, compared with Mallorca’s surplus of 761 GWh.
Population: surpassing 100,000 residents
For the first time, Menorca’s population exceeded 100,000 inhabitants in 2024, reaching 101,074 people, an annual increase of 2.09%, above the Balearic average (1.81%). The foreign population represents 13.9% of the total, seven points lower than the regional average (21.2%).
The island’s ageing index is also higher than the Balearic average (134.45 compared to 113.88). During August, the human pressure index —which measures the total population present— reached 117%, meaning Menorca more than doubled its resident population. This is a higher seasonal intensity than the Balearic average (63.9%), although below Formentera’s 182.8%.
About the Economic and Social Council (CES)
The Economic and Social Council of the Balearic Islands (CES) is a consultative and participatory body dedicated to research, analysis, and advisory work in economic and social matters. It operates independently from the regional government and other institutions to ensure objectivity and autonomy.
Its annual report on the economy, labour market, environment, and society provides a comprehensive and data-driven overview of the Balearic Islands, aimed at supporting informed reflection and evidence-based decision-making.