Balearic economy growing faster that the United States

The Balearic economy is expected to grow by just under five per cent this year, with the latest indications pointing to a 4.9 per cent growth in the Balearics' Gross National Product. The new figure is higher than the 3.6 per cent growth forecast at the end of last year and the Balearic Finance Minister, Joan Mesquida said yesterday that the Balearics is experiencing a “growth cycle.” The agricultural sector is still in crisis and output has decreased by four per cent, but nevertheless, the Minister said that he is convinced things will improve for the region's farmers. In stark contrast, the construction industry is the fastest growing sector of the Balearic economy. By the end of this year, the construction industry is expected to have grown by nine per cent, two per cent less than last year's rate of expansion. Mesquida said that ideally, the construction industry should be growing by an average of three per cent, at a third of its current rate “but the Balearics is locked in a major growth cycle.”