Balearic economy did well in 2006

THE Balearic economy will end 2006 with a rise of 2.8 percent, due mainly to the performance of the tourism and construction sectors, in comparison with 2.4 percent last year. This prediction was made by the Balearic Minister for Economy, Tax and Innovation, Lluis Ramis de Ayreflor, who also announced that the Balearic Government is to revise its economic forecast for next year from 2.9 percent to at least 3 percent. The Services sector will this year show an improvement of three tenths of a percentage point in comparison with last year, with a growth of 2.8 percent. This is the result of, above all, the good tourist season during which more than 11 million tourists came to the islands, there were more than 50 million overnight stays, the tourists spent more than 9'000 million euros (up to September) and employment rose. Construction will, in 2006, again be the most dynamic sector for the economy, with a growth of 3.7 percent, 1.2 percentage points above 2005, stimulated by the growth in public works during the last few years as well as the demand for residential housing.