Significant reduction in unemployment in the Balearic Islands
The unemployment rate in the Balearic Islands experienced a decrease of -11.8% during the first quarter of 2024, compared to the increase of +6.7% in the fourth quarter of 2023. This data comes from the Survey of Active Population (EPA) corresponding to the first quarter of 2024. At the national level, the unemployment rate decreased by -6.5% in the same period.
The president of the Confederation of Business Associations of the Balearic Islands (CAEB), Carmen Planas, highlights that this reduction in unemployment is due to good economic activity during the winter and the celebration of Holy Week in March. After the increase recorded in the last quarter of last year, the unemployment rate in the Balearic Islands has decreased at the beginning of this year.
Productive sectors and unemployment rates
In the first quarter of 2024, the Balearic Islands had 99,100 unemployed, which represents a decrease of -11.8% compared to the same period of the previous year. Regarding the productive sectors, the Industry sector was the one that experienced the greatest reduction in the number of unemployed (-42.9%), while an increase was observed in the Agriculture (50%) and Construction ( 45.5%). The unemployment rate in the Balearic Islands stands at 15.5%, three percentage points above the national average, which is 12.3%.
Employment growth in the Balearic Islands
On the other hand, the number of people employed in the Balearic Islands increased by 4.2% in the first quarter of 2024, while at the national level the growth was 3%. During this period, there were 541,100 people working in the Balearic Islands.
Outlook for the high season
The president of the CAEB highlights that, facing the high season, the employment situation in the Balearic Islands is positive. However, she emphasizes the importance of legal stability and certainty to allow small businesses to grow and reverse the loss of productivity that has been experienced in recent years.