Economic slowdown

The Balearic economy will grow by 3.2 percent next year, the Chamber of Commerce said yesterday, indicating that there was a gradual economic slowdown. The economy will grow this year by 4.2 percent compared to the almost six percent in 1999. The economy slowdown has been blamed on the difficulties the tourist and construction industries are undergoing at the moment. Although there were marginally more tourists this year the season was not as good as had been initially forecast. The construction industry will be hit by the building freeze which has been introduced by the local government. Last month figures showed that the number of people out of work in the Balearics had reached an all time high.