With spending capacity reduced, there was a chance to save. | Efe


Over the first year of the pandemic, savings in the Balearics were the lowest in the country. Bank of Spain figures up to March this year (the latest figures that are available) indicate that the amount of money deposited in banks was 1.4% higher than twelve months before. This was the lowest percentage in Spain and well below the national average of 7.7%.

The second lowest region was the Canaries. There is of course much in common between the two regions because of the level of tourism activity. Because of the pandemic, this meant that - in comparative terms - there were more employees on the ERTE furlough scheme, while the falls in GDP were the greatest. In the Balearics this was 23.7% in 2020.

An additional factor is that the cost of living is one of the highest in the country, while the average salary in the Balearics is below the national average.

At the end of March this year, a total of 26,621 million euros were deposited in banks in the Balearics, an increase of 369 million euros compared with March 2020.