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STAFF REPORTER

PALMA
THE Balearic government is adamant that the worst of the recession is over and that the Balearic economy is showing signs of recovering.
The Balearic Minister for the Economy, Carles Manera, concluded yesterday that, after a week of meetings with the region's various financial institutions and economists, the financial outlook is going to remain “volatile” but the Balearic economy hit rock bottom during the final quarter of last year and that now it is showing signs of a recovery.

POSITIVE SIGNS ““Providing the positive signs can continue, even if it's only temporarily, our economic situation will improve,” Manera told members of the government, including Balearic President Francesc Antich yesterday. Manera said that the forthcoming tourist season, which he too said is showing clear signs of being better than last year, will have a positive effect on the employment market and also boost consumer confidence and, in turn, the local economy.

Manera also said confidence within the Balearic business community has also improved since the beginning of the year. “We can't afford to let our guard down, we've still got to be prudent,” warned Manera, “but the indications are encouraging,” he added.