By Cathy Elelman • 03 July 2020 • 15:23
FIGURES: The Balearic Islands’ GDP dropped 6.5 per cent in the first quarter of the year
CREDIT: Govern Illes Balears Prensa
THE Balearic Islands suffered a “very severe” and “abrupt” economic slump in the first quarter of the year due to the beginning of the Covid-19 crisis, said regional Economic Model, Tourism and Employment minister Iago Negueruela this week.
Negueruela made the comments while announcing the islands’ GDP plummeted 6.5 per cent in the three months ending in March, despite having started the year with positive figures for January and February.
Ibiza and Formentera experienced the biggest drop in GDP, at 8.2 per cent.
For Menorca it was 6.7 per cent, and 6.1 per cent for Mallorca.
This compares with a national average of a 4.1 per cent fall.
In the Balearics the service sector was the most affected (6.8 per cent), followed by construction (5.3 per cent).
The regional minister said he expected the figures for April, May and June to be even worse, but expressed the hope that from the third quarter onwards the archipelago’s GDP will start to slowly recover.
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Cathy Elelman is the local writer for the Costa de Almeria edition of the Euro Weekly News.
Based in Mojacar for the last 21 years, Cathy is very much part of the local community and is always well and truly up on all the latest news and events going on in this region of Spain.
Her top goals are to do the best job she can informing the local English-speaking community, visitors to the area and the wider world about about the news in Almeria, to learn something new every day, and to embrace very new challenge this fast-changing world brings her way.
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