For the first time since the start of the economic crisis, all economic sectors in the Balearics have been able to register quarterly growth. They contributed to growth of 2.2% during the first quarter, a level of growth that has not been achieved since 2008.
According to a report from the national ministry for the economy and competitiveness regarding the Balearic economy, this rate of growth will accelerate during 2015, with Ibiza and Formentera expected to show particularly strong growth: 3% Gross Added Value, i.e. pre-tax GDP, is being forecast, and this compares with 1.7% in 2014. For Majorca and Minorca, the figure will be lower, but 2.1% and 2% respectively do represent significant improvement - from 0.4% and 0.2%.  Key contributory factors that the report highlights are growth of 0.7% in the industrial sector and 1.5% in construction. The ministry says that though both sectors have shown previous signs of reactivation, they had not being doing so in the same quarter. The sector which had the highest growth was services, which was up by 2.4%, compared with 0.9% in the first quarter of 2014. Agriculture, on the other hand, has shown a slight fall from 1% last year.


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