BBVA has lowered its growth forecast for the Balearic Islands by around one point because of the effects of the war in Ukraine.
A study shows that the Russia-Ukraine conflict will affect Spanish tourism and GDP, but the Balearic Islands and the Canary Islands are likely to be less affected than other parts of the country.
Tourism is recovering in the Balearics and it’s less vulnerable to rising energy prices than more industrial communities.
Growth forecasts for the Islands have dropped from 8.3% to 7.1% for 2020 and from 6% to 5% for 2023.
Balearic GDP fell by 21.7% in 2020 and it is unlikely to recover to pre-pandemic levels until 2024.
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