THE Balearic government is not planning to redraw its predictions for economic growth for the coming year in spite of the threat of recession facing the rest of the country.
Although still awaiting the results for the Gross Balearic Product for the final quarter of the year, the regional authorities believe it is prudent to register economic growth for the Islands for next year at 0.8 percent as has been already documented in the ministerial budgets currently working their way through Parliament.
Balearic government spokesperson, Joana Barcelo, said after a cabinet meeting that it is possible to maintain a growth level of 0.8 percent if we can keep open such spaces where growth can occur. Barcelo highlighted the fact that much depends on how the next tourist season materialises. In order to boost success in this sector, the regional authorities - said Barcelo - have put together a package of incentives and innovative measures which will largely provide support to the small and medium-sized businesses in the Islands. Special financial loans will be made available and the government is to top up funding which can be guaranteed to such companies which are associated to the Small and Medium-sized business associations of the Balearics.