THE Majorcan retail sector grossed a total income of 3'212 million euros last year, 388 million less than in 2008, small to medium-sized business association Pimeco reported yesterday. In year-on-year terms, the figure represents a drop of 10.78 percent.
Making a comparison with 2007, the negative gap in 2009 is even greater reaching a downturn of 488 million euros. This means that within just two years, retail trade on Majorca has slumped by 13.19 percent.
Making its regular economic report yesterday, Pimeco said that results in every month in 2009 were worse than the same month the previous year. The association claimed that figures dropped by 12 percent in quarters 1 and 2 in comparison with 2008 and by 9 and 5 percent for quarters 3 and 4 respectively.
All branches of the retail trade were affected, Pimeco said, with the exception of petrol service stations which did not form part of their analysis.
Pimeco's findings of a gradual decline in retail trade throughout 2009 were supported by a separate study provided by the National Institute of Statistics. It is only because of the national and international tourists coming to the Balearics in the second part of the year that the pace of commercial downturn was halted, Pimeco believed. Family spending by people living on the island did not make a great deal of difference to the rate at which the spiral of decline was slowed, the association added.