Iago Negueruela (right) with the director general for the economic model and employment, Llorenç Pou. | Govern de les Illes Balears

The Balearic minister for the economic model, tourism and employment, Iago Negueruela, announced on Thursday that the regional economy grew by 16.7% in the third quarter by comparison with July-September 2020.

Negueruela drew attention to the more rapid growth in the Balearics than in other regions. The second highest third-quarter growth was in the Canaries, 7.1%. For Spain as a whole it was 2.7%, while European Union growth was 3.9%.

The minister noted that, although "it was clear that growth was going to be significant" because of tourism growth over the quarter, the level was "surprising" and showed "a clear V-shaped recovery". There has been very rapid recovery thanks to Covid protection policies (for employment) and to agreements with business and unions.

Growth indicators included a 250% increase in tourist spending, a 140% rise in air passenger traffic and a 21% increase in social security registration (employment). Provisional figures for October and November suggest that this growth rate will continue in the fourth quarter.