Balearic economic boom is over

The Balearics was one of four autonomous regions which enjoyed the highest rate of economic growth between 1995 and 2000. The Balearics, Canaries, Extremadura and Murcia all saw their economies grow by over 30 per cent during the five year period. At one point economic growth reached nearly seven per cent, in contrast however, at the end of this year, the Balearic government will be happy if a one per cent growth rate is posted. It was in the Balearics and the Canaries where the economies boomed most, fuelled by service sector growth on the back of health tourist industries.