The Balearics' Gross National Product grew last year at a rate of 2.87 per cent, below the national average, while the 3.7 per cent rate of inflation was one per cent above the national average. Economists have forecast that the Balearic GNP will grow by 1.9 per cent this year, again below the national average, because of the drop in tourism and uncertainty in the charter airline sector, both of which are key to the Balearic economy. Tourism accounts for 60 per cent of the Balearic economy. However, despite the local economic down turn, the employment market is still dynamic, fuelled by the steady influx of immigrants which have accounted for the bulk of the 30'000 new residents last year. Minorca's economy is the most stable, posting a growth figure of 3.12 per cent for last year while Majorca and Ibiza were slightly down with 2.8 per cent.

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