Balearic GDP shows the least growth in the last decade

The President of this body, Llorenç Huguet, pointed out that, for the first time there are more people living in the archipelago who were born abroad (24%) than were born elsewhere in Spain (23%), whereas in 1998 the respective figures were 7% and 26%.

Although the Balearics' gross domestic product has shown the least growth nationally, the relative standard of living in homes in the region compared to elsewhere in Spain reflects a higher spending power but less capability of meeting unexpected expenses.

Huguet stressed that the distribution of income in the Islands is "much more egalitarian" (27.25%) than in the rest of Spain and pointed out that whilst the percentage of homes at risk of poverty (14.4%) was below the national average (16.7%), there were 6.3% in extreme risk of poverty (with incomes below 40% of the national average), a figure which is 0.2% higher than nationally.

The CES President stated that the Balearic economy could react better to the crisis due to having a strong fiscal consolidation and one of the smallest and least expensive autonomous administrations.

The companies in the Balearics that have shown more productivity than at national level, were connected to tourism, transport and cultural activities and were much larger than their counterparts on the mainland.

In respect of unemployment, the number of youngsters aged 25 who have been out of work for a long time has quadrupled in the last few years and in the last year long-term unemployment has increased by 70%. However, the Balearic Islands are still in a better position than the rest of Spain.