THE Chambers of Commerce representing Majorca, Ibiza and Formentera estimate that the Gross Balearic Product (PIB) grew by by no more than 0.2 percent in 2003. This assessment is the most negative presented to date and is further compounded by its view that 2004 will witness no more than a 1 percent increase.
The regional government estimated that the PIB increased by 0.7 percent in 2003, while the Sa Nostra Research Centre and a Balearic business federation believe that the Islands' economy grew by 1% and 0.3%, respectively. With regard to growth in 2004, the government predicts a 1.6 percent growth and the business federation, one of 1.5 percent.
According to the organisation's head, Miquel Lladó, the assessment of low economic growth in 2003 is due to a 0.7 percent fall in income from the tourist sector; this industry alone represents 58 percent of the Balearic gross product.
Strong Euro won´t help tourism this year
19/01/2013 00:00
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